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Assume a Rafting outlet store began December 2021 with 48 units of inventory that cost...

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Accounting

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Assume a Rafting outlet store began December 2021 with 48 units of inventory that cost $13 each. The sales price of these units was $71. During December, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Requirements 1. Determine the store's cost of goods sold for December under the periodic inventory system. Assume the FIFO method. 2. Compute the store's gross profit for December. Requirement 1. Determine the store's cost of goods sold for December under the periodic inventory system. Assume the FIFO method. Data table

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\table[[Account,Company 1,Company 2],[Cash,$9,000,$7,000