Assume an outlet of The Tilton's Store began March 2017 with 46 pairs of running shoes that cost the store $33 each. The sale price of these shoes was $70. During March, the store completed these inventory transactions: (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.) i Inventory transactions The cost of goods sold is $ Now, calculate the gross profit using the FIFO method. (Round your answers to the nearest whole dollar.) The gross profit for FIFO is $ . Units Unit Cost Unit Sale Price 70 Mar $ Calculate the ending inventory using the FIFO method. (Round your answers to the nearest whole dollar.) 34 The ending inventory at March is $ . 85 33 3 Sale .......... 8 Purchase ........ 11 Sale ........ 19 Sale ........ 24 Sale .......... 30 Purchase ........ Requirement 1b. Determine the store's cost of goods sold, gross profit, and ending inventory using weighted average assuming the perpetual Calculate the cost of goods sold using the weighted average-cost method. (Round interim calculations to the nearest cent and your final a 35 The cost of goods sold is $ Calculate the gross profit using the weighted average-cost method using the weighted average-cost method. (Round your answers to the ne Print Done The gross profit is $ Calculate the ending inventory using the weighted average-cost method. (Round your answers to the nearest whole dollar.)