Assume a Cross Country Sports outlet store began July 2016 with 48 pairs of running shoes that cost the store $37 each. The sale price of these shoes was $66. During July, the store completed these inventory transactions: EEB Click the icon to view the 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 July. Also compute gross profit for July. What is the cost of the store's July 31 inventory of running shoes? Kequirement L. Determine une suure s?USI Ul guous sUlu lor July. AISU CUrripule gross prulll IUI July The cost of goods sold is $ The gross profit for July is Requirement 3. What is the cost of the store's July 31 inventory of running shoes? The cost of the company's inventory atJ uly 31 is Fnter any numher in the edit fields and then continue to the next