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 $46,500.

On January 14, Racers received a shipment of Model AXVs with a purchase price of $19,500 and transportation costs of $300.

On May 19, Racers received a second shipment of AXVs with a purchase price of $17,600 and transportation costs of $350.

On November 1, Racers received its before-Christmas shipment of AXVs with a purchase price of $27,500 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 $25,900.

3. Determine cost of goods sold for the AXV model for the year. If sales of AXVs were $107,300, what profit did Racers make on this model?