Assume a Tilton Sports outlet store began January 2012 with 42 pairs of running shoes that cost the store $37 each. The sale price of these shoes was $63. During January, 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 January. Also compute gross profit for January.
3. What is the cost of the store€™s January 31 inventory of runningshoes?

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Units Unit Cost Unit Sale Price Sale. Purchase... 82 $37 38 37 38 38 39 Jan 3 S63 Sale.. Sale.. Purchase... 63 65 65