Question: 1. Calculate ending inventory using the gross profit method from the following information: Inventory 1/1/20 $60,000; purchases $170,000; Sales $210,000; Markup 30% 2. Journalize the

1. Calculate ending inventory using the gross profit method from the following information: Inventory 1/1/20 $60,000; purchases $170,000; Sales $210,000; Markup 30% 2. Journalize the following transactions: Purchased land for $50,000; paying $4,000 down; balance with note payable. Building purchased for $50,000 with fees of S5,000 for cash. Building roof was replaced for cash for $75,000

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