Question 3 [14 points] The Southgate Inc company has the following purchases and sales during the year ended December 31, 2014 Inventory and Purchases Beginning: 300 units @ $67/unit January 2: 100 units @ $61/unit August 28: 200 units @ $56/unit Sales July 30 100 units December 21: 200 units Specific Units Sold July 30 70 units from beginning inventory 30 units from the January 2 purchase December 21: 60 units from beginning inventory 40 units from the January 2 purchase 100 units from the August 28 purchase The units have a selling price of $100.00 per unit. a) Given that Southgate Inc employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the 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 earned by Southgate Inc using the specific i 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 August 28. (b) The sale on December 21. Enter the 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 de General Journal Page GJS Date Account/Explanation F Debit Credit here to search 2 37C AQI