Four Corners Equipment Co. wants to prepare interim financial statements for the first quarter of 2011. The company uses periodic inventory system but would like to avoid making a physical count of inventory. During the last five years, the company's gross profit rate has averaged 30%. The following information for the year's first quarter is available from its records:

January 1 beginning inventory... $ 752,880
Purchases... 2,132,100
Purchase returns... 38,370
Transportation-in... 65,900
Sales... 3,710,250
Sales returns... 74,200

Required
Use the gross profit method to prepare an estimate of the company's March 31, 2011, inventory.

Check Figure... $367,275



Net Sales... $
Cost of goods sold:
Beginning inventory... $
Net purchases... $
Goods available for sale... $
Ending inventory... $
COGS (Cost of goods sold)... $
Gross Profit... $

The check figure is correct

OP knows the check figure is correct. A "check figure" is what they are already given as answer so that they can check against it when they've completed the problem, to see if they are correct.

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