(i: (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? 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 $ Now, calculate the gross profit using the FIFO method. (Round your answers to the nearest whole dollar.) The gross profit for FIFO is $3643. Calculate the ending inventory using the FIFO method. (Round your answers to the nearest whole dollar.) The ending inventory at January is 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 $ 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 $. Calculate the ending inventory using the weighted-average-cost method. (Round your answers to the nearest whole dollar.) The ending inventory at January is $ 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 $ 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 $. Calculate the ending inventory using the FIFO method under the periodic system. (Round your answers to the nearest whole dollar.) The ending inventory at January is $ Requirement 2b. How would your answer change under weighted-average cost if the periodic system was used? The cost of goods sold is $. 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 $ 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 January is $ A inventory system would be used if the store is able to keep a running record of all the running shoes bought and sold. A inventory system would be used if the company had the computer software to keep a (i: (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? 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 $ Now, calculate the gross profit using the FIFO method. (Round your answers to the nearest whole dollar.) The gross profit for FIFO is $3643. Calculate the ending inventory using the FIFO method. (Round your answers to the nearest whole dollar.) The ending inventory at January is 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 $ 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 $. Calculate the ending inventory using the weighted-average-cost method. (Round your answers to the nearest whole dollar.) The ending inventory at January is $ 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 $ 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 $. Calculate the ending inventory using the FIFO method under the periodic system. (Round your answers to the nearest whole dollar.) The ending inventory at January is $ Requirement 2b. How would your answer change under weighted-average cost if the periodic system was used? The cost of goods sold is $. 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 $ 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 January is $ A inventory system would be used if the store is able to keep a running record of all the running shoes bought and sold. A inventory system would be used if the company had the computer software to keep a