hi can you check my answers and help answer question 3 question 1) Beginning inventory, purchases and sales data for tennis rackets are as follows: Feb 3 Inventory 12 units @ $15 11 Purchase 13 units @ $17 14 Sale 18 units 21 Purchase 9 units @ $20 25 Sale 10 units Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions: a. First-in, first-out b. Last-in, first-out answer ?? is this right?? a. Cost of merchandise sold = $461 (180+102+119+60) Ending Inventory = $120 (6 units @ $20) b. Cost of merchandise sold = $491 (221+75+180+15) Ending Inventory = $90 (6 units @ $15) ====================================================== Question 2 During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%. Answer ??? is this correct Merchandise available for sale in July $800,000 Sales in July $900,000 Less estimated gross profit ($900,000 40%) 360,000 Estimated cost of merchandise sold 540,000 Estimated merchandise inventory $260,000 ======================================================================== 3 Putter Pilot Supplies is a golf and aviation supply store. Putter Pilot uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of March: (a) On March 4th Putter purchases inventory for sale from Plane Stuff Wholesalers for $9,750.00 with terms 1/10, n/30. (b) On March 5th Putter pays Airborne Transfer $65 for freight-in on the March 4th order. (c) On March 12th Putter buys an additional $12,985 in inventory from Plane Stuff Wholesalers with terms 1/10, n/30. (d) On March 22nd Putter pays Plane Stuff Wholesalers the balance due. ---------------------------------------- During July, the first month of the fiscal year, sales totaled $900,000 and the cost of merchandise available for sale totaled $800,000. Estimate the cost of the merchandise inventory as of July 31, based on an estimated gross profit rate of 40%