Jan 2 Sale ............ Units Unit Cost Unit Sale Price 12 S 37 S 68 8539 28 9 Purchase 13 Sale 37 18 Sale 22 Sale 31 39 29 Purchase 21 Print Done Assume a Championship Sports outlet store began January 2016 with 40 pairs of running shoes that cost the store 537 each. The sale price of these shoes was 568. During January, 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 January. Also compute gross profit for January 3. What is the cost of the store's January 31 inventory of running shoes? 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 Championship Sports uses which came from the This is how This is apparent from the flow of costs out of inventory. For example, the January 13 sale shows unit cost of works Derimot intermine the contract of ronde old for Enter any number in the edit fields and then continue to the next question I F OLIU ULUI Juundaly Juventry UI Tung Shoes? Requirement 2. Determine the store's cost of goods sold for January. Also compute gross profit for January The cost of goods sold is $ The gross profit for January is $ Requirement 3. What is the cost of the store's January 31 inventory of running shoes? The cost of the company's inventory at January 31 is Enter any number in the edit fields and then continue to the next