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. January 1 beginning inventory 360,260 Cost of goods purchased Sales Sales returns 999,050 1,251,150 10,050 Required Use the gross profit method to estimate the company's first quarter ending inventory. Beginning inventory Net cost of goods purchased S 360,260 999,050 1,359,310 Estimated March 31 inventory