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inventory transactions Assume a Sports Authority outlet store begon August 2020 with 43 pare of water is that cout the store each. The sale price of the water ek was to7 Duing August. 1 more completed the click the icon to view the inventory transactions Requirements 1. The preceding data are taken from the store's perpetual inventorytecoda Which cost method oss? Explan b.w you wrived at your answer 2. Determine the store's cost of goods sold for August Also compute gross prott for 3. What is the cost of the store's August 31 inventory of water ski? 4. Assume that ending inventory declined by $210 What we would the company reports inventory on the balance sheet? Include in your wet why chow w How we account to the difference? Requirement 1. Which cost method does the store se? Explain how you arrived at your answer Sports Authority This is apparent from the tow of cont out of inventory. For example, the August 13 showsunt cost of which came from the The show Requirement 2. Determine the store's cost of goods sold for August. Also computa gross profesor August The cost of goods sold is $] The gross profit for Augest is $ Requirement 3. What is the cost of the store's August 31 inventory of water skis? The cost of the company's inventory at August 31 $ Inventory Transactions Units Unit Cost Unit Sale Price Aug. 2 17 $ 34 $ 67 Sale ... Purchase ....... Aug. 9 82 36 Sale 26 34 67 Aug. 13 Aug. 18 Sale 11 36 68 Sale. 27 36 68 Aug. 22 Aug. 29 Purchase. 27 38 Assume a Sports Authority outlet store began August 2020 with 43 pairs of water skin that cost the store 534 each. The sale price of these water this was $07. During August, the store completed the inventory transactions Click the icon to view the inventory transactions) Requirements 1. The preceding data are taken from the store's perpetunt inventory records Which cost method does the store uno? Explain how you arrived at your answer 2. Determine the store's cost of goods sold for August Also compute grous profit for August 3. What is the cost of the store's August 31 inventory of water is? 4. Assume that ending inventory declined by $210. What value would the company report an inventory on the balance sheet? include in your answer why chose that value. How would it account toe this difference? Requirement 1. Which cost method does the store so? Explain how you arrived at your answer Sports Authority uses This is apparent from the flow of costs out of inventory. For example, the August 13 sale shows unt cost of which came from This is how works Requirement 2 Determine the more's cost of goods sold for Augunt. Also compute grous profit for August The cost of goods sold is $ The grous profit for August $ Requirement 3. What is the cost of the store's August 31 inventory of water skis? The cost of the company's inventory at August 31 iss Assume Sports Authority outlet store began August 2020 with 43 part of waterkle that cost the store $34 each. The sale price of these waters was 67. During August, the store completed the 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 cont method does the store so? Explain how you arrived at your we 2. Determine the store's coat of goods sold for August. Also compute gross profit for August 3. What is the cost of the store's August 31 inventory of water skis? 4. Ansume that ending Inventory declined by $210. What value would the company report an inventory on the balance sheet Include in your answer why I chose that value. How would it account for this difference? 16 The cout of the company's inventory at August Requirement 4. Amume that ending inventory deained by $210. What value would the company report an inventory on the balance shoot include in your answer wychose that us. How would it account for this difference? The company would report onding inventory because the maquines inventory to be uported in the financial statements et Account for this difference by preparing the necessary journal entry (Record debits first, then credits. Explanations are not required) Date Accounts Debit Credit