Problem 6-14A Gross profit method LO6 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 47%. The following information for the year's first quarter is available from its records: January 1 beginning inventory Purchases Purchase returns Transportation in Sales Sales returns $ 350,260 995, 200 14,050 7,900 1,291, 150 9,950 ces Required: Use the gross profit method to prepare an estimate of the company's March 31 inventory