1) Tariffs are a tax that increase the price that a company has to pay to get a product. Accounting includes the tariff in the balance of inventory. Propose a journal entry for a retail firm that orders $100 of clothing that is subject to a 15% tariff on account. 2a) State the inventory turnover ratio. b) Is a very high or very low turnover better? Why? 3) If a firm orders a large quantity of inventory befpre the end of the year to receive the goods prior to enactment of the tariffs, what effect does this have on the inventory turnover? Why? 4 a) State gross profit. b) What effect does a tariff have on gross profit if the company does not raise selling prices in response to the tariff? c) What if the company raises selling prices to the full tariff along to the customer