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 $95,500.

On January 14, Racers received a shipment of Model AXVs with a purchase price of $19,000 and transportation costs of $325.

On May 19, Racers received a second shipment of AXVs with a purchase price of $21,500 and transportation costs of $350.

On November 1, Racers received its before-Christmas shipment of AXVs with a purchase price of $35,500 and transportation costs of $450.

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 $42,000. Determine cost of goods sold for the AXV model for the year.
3. If sales of AXVs were $170,100, what profit did Racers make on this model?