Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward's gross profit rate averages 30%. The following information for the first quarter is available from its records. Beginning inventory, January 1 Cost of goods purchased. Sales sales returns $ 330,260 969,050 1,221,150 9,750 Required: Use the gross profit method to estimate the company's first-quarter ending inventory Beginning Inventory, January 1 Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated March 31 inventory $ 330,260 969,050 $ 1,299,310 Check