Assume Watercrest outlet store began July 2020 with 45 units of inventory that cost $30 each. The sale price of these units was $60. During July the store completed the inventory transactions below (Click the icon to view the inventory transactions) Requirements 1. Determine the store's cost of goods sold for July under the periodic inventory system. Assume the FIFO method 2 Compute gross profit for July 3. Last year, gross profit was $4.342. What could management de to improve gross profit? Requirement 1. Determine the store's cost of goods sold for July under the periodic inventory system Assume the FIFO method Plus Goods available Less Cost of goods sold Inventory transactions July 3 Sale 8 Purchase 11 Sale 19 Sale 24 Sale 30 Purchase 31 Sale Units 12 74 33 5 37 31 Unit Cost Units Sale Price $ 305 69 31 71 30 09 31 71 31 71 32 82 31 71 15 Print Done