Assume a Roots outlet store began August 2017 with 40 units of inventory that cost $30 each. The sale price of these units was $60. During August, the store completed the following inventory transactions.

			Units	Unit cost	Unit Sale Price
AUG.	3	Sale	16	$30	$60
	8	Purchase	70	31	62
	11	Sale	24	30	60
	19	Sale	8	31	62
	24	Sale	30	31	62
	30	Purchase	28	32	73
	31	Sale	15	31	62

Requirements

1. Determine the store's cost of goods sold for August under the periodic inventory system. Assume the FIFO method.

2. Compute gross profit for August.

3. Last year, gross profit was $3150. What could management do to improve gross profit?