into a power outlet CHAPTER 5 HOMEWORK Seved Help Save & Exit Submit Check my work 13 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. points January 1 beginning inventory Cost of goods purchased Sales Sales returns $ 300,260 939.050 1,191,150 9.650 Print Required: Use the gross profit method to estimate the company's first quarter ending inventory Beginning inventory Net cost of goods purchased 300 260 $39.050 1.239 310 Estimated March 31 inventory