Assume a Gold Starr Sports outlet store began August 2014 with 44 pairs of running shoes that cost the store $32 each. The sale price of these shoes was $67. During August, the store completed these inventory transactions:

Requirements
1. The preceding data are taken from the store€™s perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer.
2. Determine the store€™s cost of goods sold for August. Also compute gross profit for August.
3. What is the cost of the store€™s August 31 inventory of runningshoes?

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Units Unit Cost $32 34 32 34 34 36 Unit Sale Price Aug 2 Sale.... Purchase. Sale... Sale.... Sale.... Purchase. 15 asc... 13 18 29