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 Sales returns $ 350,260 989,050 1,241,150 9,950 Required: Use the gross profit method to estimate the company's first-quarter ending Inventory. $ Beginning inventory, January 1 Net cost of goods purchased 350,260 989,050 1,339,310 s Estimated March 31 inventory