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Assume an outlet of The Gold's Store began March 2020 with 44 pairs of running shoes that cost the store $38 each. The sale price of these shoes was $66. During March, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Required 1. 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 2. How would your answer change under (a) FIFO and (b) weighted average cost if the periodic system was used? 3. Using the facts provided, identify the information that is relevant in determining which inventory system to use to keep track of the store's inventory. Specify how each information item is relevant to your decision. i Inventory transactions - X Units Unit Cost Unit Sale Price Mar. 3 Sale 12 $ 66 8 Purchase 77 39 11 Sale .... 32 66 19 Sale 8 68 24 Sale 33 68 30 Purchase 27 40 Print Done Requirement 1a. Determine the store's cost of goods sold, gross profit, and ending inventory using FIFO assuming the perpetual system is used. Begin by calculating the cost of goods sold using the FIFO method. (Round your answers to the nearest whole dollar.) The cost of goods sold is $ Now, calculate the gross profit using the FIFO method (Round your answers to the nearest whole dollar The gross profit for FIFO is $ Calculate the ending inventory using the FIFO method (Round your answers to the nearest whole dollar. The ending inventory at March is si Requirement 1b. Determine the store's cost of goods sold gross profit, and ending inventory using weighted-average assuming the perpetual system is used. Calculate the cost of goods sold using the weighted average-cost method. (Round interim calculations to the nearest cent and your final answer to the nearest whole dollar.) The cost of goods sold is $ Calculate the gross profit using the weighted average-cost method using the weighted average-cost method. Enter your answer in each of the answer boxes. alculate the gross profit using the weighted-average-cost method using the weighted-average-cost method Cound your answers to the nearest whole dollar.) he gross profit is $ alculate the ending inventory using the weighted-average-cost method. (Round your answers to the earest whole dollar.) he ending inventory at March is $ equirement 2a. How would your answer change under FIFO if the periodic system was used? egin by calculating the cost of goods sold using the FIFO method (Round your answers to the nearest whole dollar.) he cost of goods sold is $ low. calculate the gross profit using the FIFO method under the periodic system. (Round your answers to the nearest whole dollar.) The gross profit is $ Calculate the ending inventory using the FIFO method under the periodic system. (Round your answers to the nearest whole dollar.) The ending inventory at March is $ Enter your answer in each of the answer boxes sed Calculate the cost of goods sold using the weighted average-cost method if the periodic system was used. Round interim calculations to the nearest cent and your final answer to the nearest whole dollar.) The cost of goods sold is $ Calculate the gross profit using the weighted average-cost method under the periodic system. (Round your answers to the nearest whole dollar.) The gross profit is $ Calculate the ending inventory using the weighted-average-cost method under the periodic system (Round your answers to the nearest whole dollar.) The ending inventory at March is $ Requirement 3. Using the facts provided, identify the information that is relevant in determining which nventory system to use to keep track of the store's inventory. Specify how each information item is relevant your decision A inventory system would be used if the store is able to keep a running record of all the running shoes bought and sold. A inventory system would be used if the company had the computer software to keep a continuous record of the running shoes sold and on hand. Enter your answer in each of the answer boxes

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