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 Soles returns $ 470,260 1,109,050 1,361,150 11,150 Required: Use the gross profit method to estimate the company's first quarter ending inventory $ Beginning inventory, Jan 1 Net cost of goods purchased Cost of goods available for sale 260 1 109.050 1,579 310 $ Estimated March 31 Inventory