10 Algorithmic Saved Help Save & Exit Sub Check my world Problem 6-10AB Gross profit method LO P4 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 35%. The following information for the first quarter is available from its records Beginning inventory, January 1 Cost of goods purchased Sales Sales returns $ 500,260 1,139,050 1,391, 150 11,450 Required: Use the gross profit method to estimate the company's first quarter ending inventory $ Beginning inventory, Jan. 1 Net cost of goods purchased 500,260 1,139,050 1,639,310 $ Estimated March 31 inventory Prev :: Next