Racers ATVs sells many makes and models of all$-$terrain vehicles. Racers uses a perpetual inventory

system. On January $1,$ Racers had a beginning inventory of AXVs costing $$73,250.$

On January $14,$ Racers received a shipment of Model AXVs with a purchase price of $$16,000$ and

transportation costs of $$200.$

On May $19,$ Racers received a second shipment of AXVs with a purchase price of $$18,000$ and

transportation costs of $$225.$

On November $1,$ Racers received its before$-$Christmas shipment of AXVs with a purchase price of

$$32,000$ and transportation costs of $$400.$

Make the necessary journal entries for January $14,$ May $19,$ and November $1$ to show the

purchase of the inventory $($assume they paid cash$).$

Assume that a physical inventory count on December $31$ showed an ending inventory of AXVs

of $$31,000.$ Determine cost of goods sold for the AXV model for the year.

If sales of AXVs were $$160,100,$ what profit did Racers make on this model?