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problem: Ernst Equipment Co. wants to make interim financial statements for the 1st quarter. The firm wishes to avoid making a physical count of inventory. Ernst's gross profit rate averages 30 percent. The following data for the 1st quarter is available from its records:

January 1 beginning inventory . . . . . . . . . .  $ 752,880

Cost of goods purchased . . . . . . . . . . . . . .  2,159,630

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3,710,250

Sales returns . . . . . . . . . . . . . . . . . . . .  . . . 74,200

Check Ernst ending inventory, $367,275

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