LAPTOP LADS Laptop Lads is a leading laptop retailer. A recent financial report issued by the company revealed the following information: Merchandise inventory (beginning of year) Merchandise inventory (end of the year) Net sales for the year Gross profit margin $79 million $91 million $2.46 billion 13% a. Compute the company's cost of goods sold for the year b. Approximately how much inventory did Laptop Lads purchase during the year? C. What factors might contribute to the company's low gross profit margin? d. Discuss reasons why Laptop Lads uses a perpetual inventory system. STATIONERY SISTERS INC. Stationery Sisters Inc. uses a perpetual inventory system. On 1 January, its inventory account had an opening balance of $7 740 000. Stationery Sisters Inc engaged in the following transactions during the year: 1. Purchased merchandise inventory for $11 400 000. 2. Generated net sales of $31 200 000. 3. Recorded inventory shrinkage of $12 000 after taking a physical inventory at year end. 4. Reported gross profit for the year of $18 000 000 in its income statement. STATIONERY SISTERS INC. Stationery Sisters Inc. uses a perpetual inventory system. On 1 January, its inventory account had an opening balance of $7 740 000. Stationery Sisters Inc engaged in the following transactions during the year: 1. Purchased merchandise inventory for $11 400 000. 2. Generated net sales of $31 200 000. 3. Recorded inventory shrinkage of $12 000 after taking a physical inventory at year end. 4. Reported gross profit for the year of $18 000 000 in its income statement. a. b. At what amount was cost of goods sold reported in the company's year-end income statement? At what amount was the merchandise inventory reported in the company's year-end balance sheet? C. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of cost of goods sold account? What was the balance of the merchandise inventory account? BOOMARANG BROS Boomarang Bros uses a perpetual inventory system. At year end, the inventory account has a balance of $250 000, but a physical count shows that the merchandise on hand has a cost of only $246 000. a. b. Explain the probable reason(s) for this discrepancy. Prepare the journal entry required in this situation. Indicate all the accounting records to which your journal entry in part b should be posted. C