experienced the following: The store began fiscal year 2020 with an inventory of 17,000 units that cost a total of $850,000. During the year, the store purchased merchandise on account as follows: (Click the icon to view the purchases.) method for inventories. Operating expenses for the year were $3,250,000. The store paid 80% in cash and accrued the rest as accrued liabilities. The store accrued income tax at the rate of 40%. Requirements Requirement 1. Make summary journal entries to record the store's transactions for the year ended February 28, 2020. Fun Buy uses a perpetual inventory system. Let's start with the entry to record the purchases. (Record debits first, then credits. Explanations are not required.) Purchases \begin{tabular}{|c|c|c|} \hline April (28,000 units @ cost of $54) & $ & 1,512,000 \\ \hline August (48,000 units @ cost of $58) & & 2,784,000 \\ \hline November (58,000 units @ cost of $64) & & 3,712,000 \\ \hline Total purchases. . & $ & 8,008,000 \\ \hline \end{tabular} Next, record the cash payments on account. (Click the icon to view the purchases.) Requirements Requirements Requirement 3. Prepare the store's income statement for the year ended February 28, 2020. Show totals for gross profit, in r one decimal place, X.X.) The gross profit percentage is %. This year's gross profit percentage is last year's percentage of 41%. Possible causes could be that inventory is or the selling price is