Assume a Whitewater Sports outlet store began March 2016 with 45 pairs of running shoes that cost the store $36 each. The sale price of these shoes was $68. During March, 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 March. Also compute gross profit for March. 2 Unit Sale Price 68 Units Unit Cost 17 $ 36 $ 79 28 6 32 Mar 2 Sale __ . . . . _ _ . . . 38 36 38 38 40 9 Purchase 68 69 69 29 Purchase 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. Whitewater Sports uses This is apparent from the flow of costs out of inventory. For example, the March 13 sale shows unit cost of VI.which came from the This is how | . This is how I, which came from the | works. Requirement 2. Determine the store's cost of goods sold for March. Also compute gross profit for March. The cost of goods sold is $ Requirement 2. Determine the store's cost of goods sold for March. Also compute gross profit for March The cost of goods sold is $ The gross profit for March is $ Requirement 3. What is the cost of the store's March 31 inventory of running shoes? The cost of the company's inventory at March 31 is