The Gulf Corp. company has the following purchases and sales during the year ended December 31, 2014. Inventory and Purchases Beginning: 300 units @ $79/unit January 2: 200 units @ $77/unit May 6: 200 units @ $73/unit Sales February 15: 300 units July 31: 300 units Specific Units Sold February 15: 190 units from beginning inventory 110 units from the January 2 purchase 90 units from beginning inventory 80 units from the January 2 purchase 130 units from the May 6 purchase July 31: The units have a selling price of $105.00 per unit. a) Given that Gulf Corp. employs a perpetual inventory system, calculate the cost of goods available for sale and the number of units available for sale, as well as the units remaining in ending inventory. Cost of goods available for sale: Units available for sale Units remaining in ending inventory b) Please fill in the table by calculating the dollar value of cost of goods sold and ending inventory, as well as the gross profit earned by Gulf Corp. using the specific identification system. Specific Identification Cost of Goods Sold Ending Inventory Gross Profit c) Prepare journal entries to record the following (assuming all sales and purchases are for cash): (a) The purchase on January 2, (b) The sale on July 31. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). General Journal Page GJ8 Date Account/Explanation F Debit Credit + + +