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 40%. The following information for the first quarter is available from its records. Beginning inventory, January 1 Cost of goods purchased Sales $ 470,260 1,109,050 1,361,150 11,150 Sales returna Required: Use the gross profit method to estimate the company's first-quarter ending inventory. Beginning inventory, January 1 $ 470,250 Net cost of goods purchased Cost of goods available for sale Estimated cost of goods sold 1,109,050 $1,579,310 Estimated March 31 inventory