A Gold Medal Sports outlet store began August 2018 with 42 pairs of running shoes that cost the store $31 each. The sales price of these shoes was $63. During August, the store completed these inventory transactions:
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 August. Also compute gross profit for August.
3. What is the cost of the store’s August 31 inventory of running shoes?
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