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 $ 358,260 989,050 1,241,150 9,950 Required: Use the gross profit method to estimate the company's first quarter ending inventory Beginning inventory. Jan. 1 Netcost of goods purchased $ 350 260 989,050 1.339 310 $ Estimated March 31 inventory