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 $35,000.

On January 14, racers received a shipment of Model AXVs with the purchase price of $18,800 and transportation costs of $400.

On May 19, Racers received a second shipment of AXVs with a purchase price of $18,900 and transportation costs of $400.

On November 1, Racers received its before Christmas shipment of AXVs with a purchase price of $24,800 and transportation costs of $550.

1. Make the necessary journal entries for January 14, May 19, and November 1 to show the purchase of the inventory (assume they paid cash).

2. Assume that a physical inventory count on December 31 showed an ending inventory of AXVs of $22,800. Determine cost of goods sold for the AXV model for the year.

3. If sales of AXVs were $99,900, what profit did Racers make on this model?