Alanood Company wants to prepare interim financial statements for the first quarter of 2014 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 36%. The following information for the year's first quarter is available from its records:

January 1 beginning inventory                             $300,260

Purchases                                                                  945,200

Purchase returns                                                       1 3,050

Transportation-in                                                          6,900

Sales                                                                        1,191,150

Sales returns                                                                 9,450

Required:

Use the gross profit method to prepare an estimate of the company's March 31 inventory.