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. Cross Country Sport Uses: FIFO, LIFO, or weighted average cost?

3. Determine the store's cost of goods sold for July. Also compute gross profit for July.

4. What is the cost of the store?s July 31 inventory of running shoes?

Units Jul Unit Cost Unit Sale Price 2 Sale . . . . . . . . . . . . 17 $37 $64 9 Purchase . . . . . . . . 83 38 13 Sale . . . . . . . . . . . . 23 37 64 18 Sale . . . . . . . . . . . . 11 38 66 22 Sale . . . . . . . . . . . . 28 38 66 Purchase . . . . . . . 27 39 . Assume a Cross Country Sports outlet store began July 2012 with 40 pairs of running shoes that cost the store $ 37each. The sale price of these shoes was $ 64. During July, the store completed these inventory transactions (please see above) 29 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. Cross Country Sport Uses: FIFO, LIFO, or weighted average cost? 3. Determine the store's cost of goods sold for July. Also compute gross profit for July. 4. What is the cost of the store's July 31 inventory of running shoes