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Assume a Bear Sports outlet atore began January 2014 with 42 pairs of running shoes...

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Question

Accounting

Assume a Bear Sports outlet atore began January 2014 with 42 pairs of running shoes that the store $36 each. The sale price of these shoes was $68. During January, the store completed these inventry transactions;

Units Unit Cost Unit Sale Price
Jan 3 Sale 15 $36 $68
Jan 8 Purchase 82 38
Jan 11 Sale 27 36 68
Jan 19 Sale 6 38 70
Jan 24 Sale 29 38 70
Jan 30 Purchase 25 40

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 running shoes?

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