Question 29 (14 points) Inventory Systems (approx. 20 minutes) Sunshine Home Improvement Ltd, uses a perpetual inventory system. All their purchases and sales are made on account. The beginning inventory of one of their products in March is $8,000, and they counted 50 units at the beginning of the month. During the month of March, the company had the following purchases and sales for this product: Beginning inventory: 50 units, $160/unit Date March Sales Purchases Units Unit cost 130 100 Units Unit price 164 178 182 120 350 300 220 100 400 The bookkeeper has recorded the purchase and sales transactions correctly. A summary of the general ledger is stated below. Sunshine Home Improvement Ltd. General Ledger Beg. Bal. A/P Beg. Bal. MacBook Pro The bookkeeper has recorded the purchase and sales transactions correctly. A summary of the general ledger is stated below. Sunshine Home Improvement Ltd. General Ledger A/R Beg. Bal. 11-Mar 27-Mar [?] 40,000 [?] A/P Beg. Bal. 04-Mar 06-Mar 09-Mar 23-Mar 21,320 17,800 21,840 15,400 76,360 Beg. Bal. 04-Mar 06-Mar 09-Mar 23-Mar Inventory 8,000 [?] 11-Mar 60,340 17,800 27-Mar 20,017 21,840 15,400 [?] question_Inventory systems Sales 11-Mar 27-Mar 105,000 40,000 145,000 11-Mar 27-Mar Cost of Goods Sold [?] 20,017 80,357 structions: Instructions: Please provide your answers to the following questions in the appropriate boxes below, from the view of Sunshine Home Improvement Ltd. Note: For numerical answers, enter plain numbers (no $-sign, no comma, no spaces, etc.) Blank #1: What inventory amount has been recorded on March 4? Blank #2: What amount has been recorded in Accounts Receivable on March 11? Blank #3: What is the amount of ending inventory units at the end of March? Blank #4: What is the amount of total ending inventory (in $) at the end of March? (Note: Round to the nearest whole number) Blank #5: What cost formula is Sunshine Home Improvement Ltd. using? Blank #6: What is the gross profit margin for the month (if these are the only transactions of the company)? (Note: Round to to a full percentage. E.g., result 0.5678, enter: 57, without %-sign) Blank #7: Assume that the inventory turnover for the year is 13.4. What is the 'days inventory held' ratio for Sunshine Home Improvements? (Note: Round to the nearest whole number)