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Make the necessary journal entries for January

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Reference no: EM132824841

Question - Racers ATVs sells many makes and models of all terrain vehicles. Racers uses a periodic inventory system. On January 1, Racers had a beginning inventory of AXVs costing $28,600.

On January 14, Racers received a shipment of Model AXVs with a purchase price of $14,700 and transportation costs of $400.

On May 19, Racers received a second shipment of AXVs with a purchase price of $16,900 and transportation costs of $450.

On November 1, Racers received its before-Christmas shipment of AXVs with a purchase price of $27,800 and transportation costs of $750.

Required -

Make the necessary journal entries for January 14, May 19, and November 1 to show the purchase of the inventory (assume they paid cash).

Assume that a physical inventory count on December 31 showed an ending inventory of AXVs of $25,800. Determine cost of goods sold for the AXV model for the year.

If sales of AXVs were $96,700, what profit did Racers make on this model?

Reference no: EM132824841

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