LULJ JIMUI LUJ Assume a Whitewater outlet store began August 2017 with 49 units of inventory that cost $37 each. The sale price of these units was $65. During August, the store completed the inventory transactions below: B (Click the icon to view the inventory transactions.) Requirements 1. Determine the store's cost of goods sold for August under the periodic inventory system. Assume the FIFO me 0 Inventory transactions 2. Compute gross profit for August. 3. Last year, gross profit was $3,448. What could management do to improve gross profit? Units 21 Unit Cost $ 37 Units Sale Price $ Aug Requirement 1. Determine the store's cost of goods sold for August under the periodic inventory system. Assum Beginning inventory Plus: Total purchases Goods available Less: Ending inventory 3 Sale .......... 8 Purchase ... 11 Sale ........ 19 Sale ........ .... 24 Sale ........ 30 Purchase .... ... 31 Sale ........... ....... 13 3 8 33 38 Cost of goods sold 34 15 39 8 3 Print Done