Assume an outlet of The Tilton's Store began August 2017 with 43 pairs of running shoes that cost the store $ 37 each. The sale price of these shoes was $ 61. During August, the store completed these inventory transactions: LOADING... (Click the icon to view the inventory transactions.) Required 1. Determine the store's cost of goods sold, gross profit, and ending inventory using (a) FIFO and (b) weighted-average assuming the perpetual system is used. 2. How would your answer change under (a) FIFO and (b) weighted-average cost if the periodic system was used? 3. How do you determine which inventory system to use: perpetual or periodic? Requirement 1a. Determine the store's cost of goods sold, gross profit, and ending inventory using FIFO assuming the perpetual system is used. Begin by calculating the cost of goods sold using the FIFO method. (Round your answers to the nearest whole dollar.) The cost of goods sold is $ nothing. Now, calculate the gross profit using the FIFO method. (Round your answers to the nearest whole dollar.) The gross profit for FIFO is $ nothing. Calculate the ending inventory using the FIFO method. (Round your answers to the nearest whole dollar.) The ending inventory at August is $ nothing. Requirement 1b. Determine the store's cost of goods sold, gross profit, and ending inventory using weighted-average assuming the perpetual system is used. Calculate the cost of goods sold using the weighted-average-cost method. (Round interim calculations to the nearest cent and your final answer to the nearest whole dollar.) The cost of goods sold is $ nothing. Calculate the gross profit using the weighted-average-cost method using the weighted-average-cost method.(Round your answers to the nearest whole dollar.) The gross profit is $ nothing. Calculate the ending inventory using the weighted-average-cost method. (Round your answers to the nearest whole dollar.) The ending inventory at August is $ nothing. Requirement 2a. How would your answer change under FIFO if the periodic system was used? Begin by calculating the cost of goods sold using the FIFO method. (Round your answers to the nearest whole dollar.) The cost of goods sold is $ nothing. Now, calculate the gross profit using the FIFO method under the periodic system. (Round your answers to the nearest whole dollar.) The gross profit is $ nothing. Calculate the ending inventory using the FIFO method under the periodic system. (Round your answers to the nearest whole dollar.) The ending inventory at August is $ nothing. Requirement 2b. How would your answer change under weighted-average cost if the periodic system was used? Calculate the cost of goods sold using the weighted-average-cost method if the periodic system was used. (Round interim calculations to the nearest cent and your final answer to the nearest whole dollar.) The cost of goods sold is $ nothing. Calculate the gross profit using the weighted-average-cost method under the periodic system. (Round your answers to the nearest whole dollar.) The gross profit is $ nothing. Calculate the ending inventory using the weighted-average-cost method under the periodic system. (Round your answers to the nearest whole dollar.) The ending inventory at August is $ nothing. Requirement 3. How do you determine which inventory system to use: perpetual or periodic? If a store is able to keep a continuous record of inventory property equipment bought and sold, it should use a FIFO periodic perpetual inventory system. A FIFO periodic perpetual inventory system should be used when a store is not able to keep a running record of all inventory property equipment bought and sold. Enter your answer in each of the answer boxes.