Assume an outlet of The Runner's Store began August 2014 with 40 pairs of running shoes that cost the store $40 each. The sale price of these shoes was $70. During August, the store completed these inventory transactions:

Requirement
Determine the store's cost of goods sold, gross profit, and ending inventory using (a) FIFO and (b) weighted-average assuming the perpetual system is used.

Transcribed Image Text:

Unit Sale Price $70 Units 16 80 24 Unit Cost 3 Sale Purchase Aug. 41 19 24 30 alks Sale Sale Purchase 70 72 72 30 18 42