Racer's ATVS sells many makes and models of all-terrain vehicles at its store in Indianapolis, Indiana. Racer's uses a periodic inventory system because its entire inventory is located in one large room and all employees know what is on hand and what new inventory is needed. On January 1, Racer's had beginning inventory costing $48,600. On January 14, Racer's received a new shipment of vehicles with a purchase price of $34,700 and additional transportation costs of $1,200. On May 19, Racers received a second shipment of vehicles with a purchase price of $36,900 and transportation costs of $950. On November 1, Racers received its pre-Christmas shipment of vehicles with a purchase price of $67,800 and transportation costs of $1,750. The company buys vehicles on account but pays cash for transportation.If sales for the year were reported as $296,700, what gross profit did Racer's make? O $130,500. O $156,100. O $48,600. O $140,600