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 25%. The following information for the first quarter is available from its records Beginning inventory, January 1 Cost of goods purchased Sales Sales returns $360, 260 999,050 1,251,150 10,050 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 360,260 999,050 1,359,310 $