Racers ATVs sells many makes and models of allterrain vehicles. Racers uses a perpetual inventory system. On January Racers had a beginning inventory of AXVs costing $
On January Racers received a shipment of Model AXVs with a purchase price of $ and transportation costs of $
On May Racers received a second shipment of AXVs with a purchase price of $ and transportation costs of $
On November Racers received its beforeChristmas shipment of AXVs with a purchase price of $ and transportation costs of $
Make the necessary journal entries for January May and November to show the purchase of the inventory assume they paid cash
Assume that a physical inventory count on December showed an ending inventory of AXVs of $ Determine cost of goods sold for the AXV model for the year.
If sales of AXVs were $ what profit did Racers make on this model?
