Exercise 6-49 Recording Purchases and Sales Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of 2019, there were 225 cartridges on hand that cost $62 each. During 2019, Printer Supply purchased 1,475 cartridges at $62 each. After inspection, Printer Supply determined that 15 cartridges were defective and returned them to the supplier. Printer Supply also sold 830 cartridges at $95 each and sold an additional 710 cartridges at $102 each after a midyear selling price increase. Customers returned 20 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system. 1. Prepare summary journal entries to record the purchases, sales, and return of inventory. Assume that all purchases and sales are on credit but no discounts were offered. Record the entry for the purchases during the year. Inventory 91,450 Accounts Payable 91,450 (Purchased inventory on account) Feedback Record the entry for the return, by Printer Supply, of the cartridges to its supplier. Accounts Payable 930 Inventory 930 (Recorded return of defective cartridges sold) Feedback Record the entry for the sales during the year. Accounts Receivable 151,270 Sales Revenue 151.270 (Sold inventory on account) Record the entry for the cost of goods sold related to the sales during the year. Cost of Goods Sold 44,020 X Inventory 44,020 X (Recorded cost of inventory sold) Feedback Record the entry for the return, by customers, of the cartridges to Printer Supply. Sales Returns and Allowances Accounts Receivable (Recorded the sales return of defective cartridges) Inventory Cost of Goods Sold o (Recorded the inventory returned of defective cartridges) Feedback 2. What is the cost of ending inventory, cost of goods sold, and gross profit for 2019? Cost of ending inventory Cost of goods sold dll Gross profit Feedback Feedback