Question 3 [14 points] The Star Inc. company has the following purchases and sales during the year ended December 31, 2014. Sales Inventory and Purchases Beginning 300 units @ $67/unit February 25 200 units @ $72/unit August 18: 200 units @ $70/unit March 8 200 units November 21: 200 units Specific Units Sold March 8 100 units from beginning inventory 100 units from the February 25 purchase November 21: 40 units from beginning inventory 30 units from the February 25 purchase 130 units from the August 18 purchase The units have a selling price of $95.00 per unit. a) Given that Star 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 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 earned by Star Inc. 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 February 25, (b) The sale on November 21. 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 GJ8 F Debit Credit Date Account/Explanation + - +