Check my work 7 Problem 6-10AB (Algo) Gross profit method LO P4 10 po 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 able from its records being inventory, January 1 . 110.240 Cost of goods purchased 149.00 1.201,150 sales rete 9.550 Required: Use the gross profit method to estimate the company's first quarter ending Inventory $ Beginning inventory, January 1 Nel cost of goods purchased Cost of goods available for sale Estimated cost of goods sold Estimated March 31 inventory 310,260 949,050 1.250.310 $