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