Question 3 (14 points] The Gulf Corp. company has the following purchases and sales during the year ended December 31, 2014 July 31: Inventory and Purchases Sales Specific Units Sold Beginning: 300 units @ $79/unit February 15: 300 units February 15: 190 units from beginning inventory January 2: 200 units @ $77/unit 300 units 110 units from the January 2 purchase May 6: 200 units @ $73/unit July 31: 90 units from beginning inventory 80 units from the January 2 purchase 130 units from the May 6 purchase The units have a selling price of $105.00 per unit. a) Given that Gulf Corp. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units avallable for sale, as well as the units remaining in ending inventory. Cost of goods available for sale Units available for sale Units remaining in ending inventory b) Please fill in the table by calculating the dollar value of cost of goods sold and ending Inventory, as well as the gross profit eamed by Gulf Corp. using the specific identification system. Specific Identification Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on January 2, (b) The sale on July 31. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan) General Journal Page GJB Account/Explanation F Debit Credit Date +