Assume a Watercrest outlet store began January 2018 with 52 units of inventory that cost $16 each. The sales price of these units was $75. During January, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Requirements 1. Determine the store's cost of goods sold for January under the periodic inventory system. Assume the FIFO method. 2. Compute the store's gross profit for January. Requirement 1. Determine the store's cost of goods sold for January under the periodic inventory system. Assume the FIFO method. i Data Table Plus: Cost of goods available Less: Units Unit Cost Unit Sale Price Cost of goods sold Jan 3 Sale 17 $ 16 $ 75 Requirement 2. Compute the store's gross profit for January 8 Purchase 82 17 77 11 Sale 35 16 75 19 Sale 7 17 77 Less: 24 Sale 38 17 77 Gross profit 30 Purchase 21 18 78 31 Sale 9 17 77 Print Done