Please answer to all requirements. For some filling the blank questions, please choose one answer from the given options

Assume a Gold Starr Sports outlet store began October 2020 with 44 pairs of water skis that cost the store $36 each. The sale price of these water skis was $64. During October, the store completed these inventory transactions: E (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 October. Also compute gross profit for October. 3. What is the cost of the store's October 31 inventory of water skis? 4. Assume that ending inventory declined by $220. What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference? Requirement 1. Which cost method does the store use? Explain how you arrived at your answer. Gold Starr Sports uses This is apparent from thi or example, the October 13 sale shows unit cost of which came from the FIFO. This is how works. LIFO. Requirement 2. Determ Weighted-average cost. for October. Also compute gross profit for October. Requirement 1. Which cost method does the store use? Explain how you arrived at your answer. Gold Starr Sports uses This is apparent from the flow of costs out of inventory. For example, the October 13 sale shows unit cost of which came from the This is how works. $36 Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. $38 Choose from any list or enter any number in the input fields and then continue to the next question. ? $40 Requirement 1. Which cost method does the store use? Explain how you arrived at your answer. Gold Starr Sports uses This is apparent from the flow of costs out of inventory. For example, the October 13 sale shows unit cost of which came from the This is how works. beginning inventory. Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. the October 9th purchase. Choose from any list or enter any number in the input fields and then continue to the next question. the October 29th purchase. ? Requiremer d at your answer. FIFO, and only FIFO, Gold Starr S LIFO, and only LIFO, Weighted Average cost, and only Weighted Average cost, This is appa ir 13 sale shows unit cost of which came from the This is how works. Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. The cost of goods sold is $ The gross profit for October is $ Requirement 3. What is the cost of the store's October 31 inventory of water skis? The cost of the company's inventory at October 31 is $ Requirement 4. Assume that ending inventory declined by $220. What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference? The company would report ending inventory at $ because the requires inventory to be reported in the financial statements at Lower of Cost and Net Realizable Value rule Account for this difference by preparing the necessary journal enti are not required.) FIFO rule Journal Entry Weighted average cost rule Requirement 4. Assume that ending inventory declined by $220. What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference? The company would report ending inventory at $ because the requires inventory to be reported in the financial statements at Account for thi ord debits first, then credits. Explanations are not required.) the First-in, first-out value. the Weighted-average value. Choose from a continue to the next question. ? whichever is lower of cost or net realizable value. Account for this difference by preparing the necessary journal entry. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Assume a Gold Starr Sports outlet store began October 2020 with 44 pairs of water skis that cost the store $36 each. The sale price of these water skis was $64. During October, the store completed these inventory transactions: E (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 October. Also compute gross profit for October. 3. What is the cost of the store's October 31 inventory of water skis? 4. Assume that ending inventory declined by $220. What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference? Requirement 1. Which cost method does the store use? Explain how you arrived at your answer. Gold Starr Sports uses This is apparent from thi or example, the October 13 sale shows unit cost of which came from the FIFO. This is how works. LIFO. Requirement 2. Determ Weighted-average cost. for October. Also compute gross profit for October. Requirement 1. Which cost method does the store use? Explain how you arrived at your answer. Gold Starr Sports uses This is apparent from the flow of costs out of inventory. For example, the October 13 sale shows unit cost of which came from the This is how works. $36 Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. $38 Choose from any list or enter any number in the input fields and then continue to the next question. ? $40 Requirement 1. Which cost method does the store use? Explain how you arrived at your answer. Gold Starr Sports uses This is apparent from the flow of costs out of inventory. For example, the October 13 sale shows unit cost of which came from the This is how works. beginning inventory. Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. the October 9th purchase. Choose from any list or enter any number in the input fields and then continue to the next question. the October 29th purchase. ? Requiremer d at your answer. FIFO, and only FIFO, Gold Starr S LIFO, and only LIFO, Weighted Average cost, and only Weighted Average cost, This is appa ir 13 sale shows unit cost of which came from the This is how works. Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. Requirement 2. Determine the store's cost of goods sold for October. Also compute gross profit for October. The cost of goods sold is $ The gross profit for October is $ Requirement 3. What is the cost of the store's October 31 inventory of water skis? The cost of the company's inventory at October 31 is $ Requirement 4. Assume that ending inventory declined by $220. What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference? The company would report ending inventory at $ because the requires inventory to be reported in the financial statements at Lower of Cost and Net Realizable Value rule Account for this difference by preparing the necessary journal enti are not required.) FIFO rule Journal Entry Weighted average cost rule Requirement 4. Assume that ending inventory declined by $220. What value would the company report as inventory on the balance sheet? Include in your answer why it chose that value. How would it account for this difference? The company would report ending inventory at $ because the requires inventory to be reported in the financial statements at Account for thi ord debits first, then credits. Explanations are not required.) the First-in, first-out value. the Weighted-average value. Choose from a continue to the next question. ? whichever is lower of cost or net realizable value. Account for this difference by preparing the necessary journal entry. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit