A Cross Country Sports outlet store began May 2021 with 44 pairs of running shoes that...

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A Cross Country Sports outlet store began May 2021 with 44 pairs of running shoes that cost the store $33 each. The sale price of these shoes was $61. During May, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 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. Cross Country Sports uses This is apparent from the flow of costs out of inventory. For example, the May 13 sale shows unit cost of came from the works. This is how Requirement 2. Determine the store's cost of goods sold for May. Also compute gross profit for May. The cost of goods sold is The gross profit for May is Requirement 3. What is the cost of the store's May 31 inventory of running shoes? The cost of the company's inventory at May 31 is , which Data table Unit Sales Units Unit Cost Price May 2 Sale 14 $ May 9 Purchase 79 May 13 Sale 30 May 18 Sale 7 May 22 Sale 31 May 29 Purchase 21 333333 33 $ 61 35 61 35 62 35 62 37 Print Done - A Cross Country Sports outlet store began May 2021 with 44 pairs of running shoes that cost the store $33 each. The sale price of these shoes was $61. During May, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 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. Cross Country Sports uses This is apparent from the flow of costs out of inventory. For example, the May 13 sale shows unit cost of came from the works. This is how Requirement 2. Determine the store's cost of goods sold for May. Also compute gross profit for May. The cost of goods sold is The gross profit for May is Requirement 3. What is the cost of the store's May 31 inventory of running shoes? The cost of the company's inventory at May 31 is , which Data table Unit Sales Units Unit Cost Price May 2 Sale 14 $ May 9 Purchase 79 May 13 Sale 30 May 18 Sale 7 May 22 Sale 31 May 29 Purchase 21 333333 33 $ 61 35 61 35 62 35 62 37 Print Done -