Marco sells all inventories at a gross profit margin of 40%. In 2022, the accounting records showed that ending inventory was $125,500 and gross purchases during the year totaled $320,000, with purchase returns of $12,800, purchase discounts of $6,400 and transportation-in of $10,200. Gross sales for the year were $750,000, and sales returns and allowance 3% of gross sales, which were all returned to inventory for resale. 1. Calculate the following items: (a) Cost of goods sold (b) Goods available for sale (c) Beginning Inventory A. B 1 Amount 2 Beginning Inventory 3 Goods Available for Sale 4 Cost of Goods Sold 2. Prepare the 2022 year-end inventory adjusting entries, if Marco uses a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field for both 2 entries.) View transaction list Journal entry worksheet Record the period-end inventory adjustment (if any). Note: Enter debits before credits. Entry General Journal Debit Credit 1 Prev 16 of 16 BO DUD Next to search O in W Lr 1C ^ (9) 12:02 P ca 4) ENG 2021-12 3. Prepare the 2022 year-end inventory adjusting entries, if Marco uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field both 2 entries.) View transaction list Journal entry worksheet 1 2 > Record the period-end inventory adjustment (if any). Note: Enter debits before credits. Entry General Journal Debit Credit 1