A Gold Medal Sports outlet store began Aug. 2021 with 42 pairs of running shoes that cost the store $31 each. The sales price of these shoes was $63. During Aug. the store completed these inventory transactions:

UnitsUnit costUnit sales priceAugust 2Sale1631639Purchase813313Sale26316318Sale13336422Sale36336429Purchase1835

Requirements:

1. The proceding data are taken from the store's perpetual inventory records. Which cost method does the store use?
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?