Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were 200 cartridges on hand that cost $60 each. During the year, Printer Supply purchased 1,400 cartridges at $60 each. After inspection, Printer Supply determined that 10 cartridges were defective and returned them to the supplier. Printer Supply also sold 800 cartridges at $89 each and sold an additional 750 cartridges at $102 each after a midyear selling price increase. Customers returned 15 of the cartridges that were purchased at $102 to Printer Supply for miscellaneous reasons. Assume that Printer Supply uses a perpetual inventory system. Requried:
a. Prepare summary journal entries to record the purchases, sales, and return of inventory.
b. What is the cost of ending inventory, cost of goods sold, and gross profit for 2019?