A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was 563: During December, 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 cest method does the store use? Explain how you arrived at your answer Swoosh Sports uses FIFO This is apparent from the flow of costs out of inventory For example, the December 13 sale shows unit cost of $34, which came from the beginning inventory Requirement 2. Determine the store's cost of goods sold for December. Also compute gross profit for December The cost of goods sold is Data table Unite Unit Cost Unit Sales Price Dec 2 Sale 1 34 5 03 Dec Purchase 12 Dec 13 Sale 27 34 8% 63 Dec 18 Sele 11 36 64 Dec 22 Sale 31 30 64 Dec 29 Purchase 27 3 Print Done This is how FIFO, and only FIFO Requirements 1. The data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you amived at your answer 2. Determine the store's cost of goods sold for December. Also compute gross profit for December 3. What is the cost of the store's December 31 inventory of running shoes? Print Done