Chapter 6 - Graded Homework #6 Saved 2 Sporting Pro wants to prepare interim financial statements for the first quarter of 2020 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 33%. The following information for the year's first quarter is available from its records: 10 points January 1 beginning inventory Purchases Purchase returns Transportation-in Sales Sales returns $ 290,260 935,200 12,850 6,700 1,171,150 9,350 Print References Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory. SPORTING PRO Estimated Inventory March 31, 2020 Goods available for sale: Inventory, January 1, 2020 Add: Transportation-in Less: Purchase returns Net sales Goods available for sale $ 0