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Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but...

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Accounting

Sporting Pro wants to prepare interim financial statements for the first quarter of 2023 but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 29%. The following information for the year's first quarter is available from its records:
Required:
Use the gross profit method to prepare an estimate of the company's March 31 inventory.
\table[[SPORTING PRO,],[Estimated Inventory,],[March 31,2023,,],[,,],[,,],[,,],[,,],[Goods available for sale:,,],[Goods available for sale,,],[Estimated cost of goods sold:,,]]
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