K Assume a Gold Medal outlet store began December 2020 with 42 units of inventory that cost $34 each. The sale price of these units was $64. During December, 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 December under the periodic inventory system. Assume the FIFO method. 2. Compute gross profit for December. 3. Last year, gross profit was $3,551. What could management do to improve gross profit? Requirement 1. Determine the store's cost of goods sold for December under the periodic inventory system. Assume the FIFO method. Account Plus: Goods available for sale Less Cost of goods sold Amount Clea all Check answer con

also about total revenue

\begin{tabular}{|c|c|c|c|c|c|c|} \hline & & Units & & it Cost & & Sale Price \\ \hline Dec. 3 & Sale. & 20 & $ & 34 & $ & 64 \\ \hline Dec. 8 & Purchase... & 74 & & 35 & & 66 \\ \hline Dec. 11 & Sale & 22 & & 34 & & 64 \\ \hline Dec. 19 & Sale & 11 & & 35 & & 66 \\ \hline Dec. 24 & Sale & 39 & & 35 & & 66 \\ \hline Dec. 30 & Purchase. & 30 & & 36 & & 77 \\ \hline Dec. 31 & Sale & 14. & & 35 & & 66 \\ \hline \end{tabular}