Assume a Gold Starr Sports outlet store began May 2018 with 47 pairs of running shoes that cost the store $32 each. The sale price of these shoes was $83. During May, the store completed these inventory transactions: (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 May. Also compute gross profit for May. 3. What is the cost of the store's May 31 inventory of running shoes? 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. Gold Starr Sports uses M This is apparent from the flow of costs out of inventory. For example, the May 13 sale shows unit cost of which came from the This is how works. Requirement 2. Determine the store's cost of goods sold for May. Also compute gross profit for May. The cost of goods sold is S Data Table The gross profit for May is S Requirement 3. What is the cost of the store's May 31 inventory of running shoes? Units Unit Cost Unit Sale Price May 11 2 Sale ........ $ 32 The cost of the company's inventory at May 31 is $ 63 9 Purchase 75 34 13 Sale 32 63 36 7 18 Sale 34 64 22 Sale 37 34 64 Enter any number in the edit fields and then continue to the next question, 29 Punhas 21 38