Assume a Roots outlet store began August 2020 with 40 units of inventory that cost \(\$ 30\) each. The sale price of these units was \(\$ 60\). During August, the store completed the following inventory transactions.

{Requirements}
1. Determine the store's cost of goods sold for August under the periodic inventory system. Assume the FIFO method.
2. Compute gross profit for August.
3. Last year, gross profit was \(\$ 3,150\). What could management do to improve gross profit?

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Units Unit Cost Unit Sale Price Aug. 3 Sale 16 $30 $60 8 Purchase 70 31 62 11 Sale 24 30 60 19 Sale 8 31 62 24 Sale 30 31 62 30 Purchase. 28 32 73 31 Sale 15 31 62