Question 12 (16 marks) Assume a Swoosh Sports outlet store began March 2020 with 45 pairs of water skis that cost the store $34 each. The sale price of these water skis was $63. During March, the store completed these inventory transactions: Units Unit Cost Unit Sale Price $ 34 $ 63 Mar. 13 2 Sale 9 Purchase 13 Sale 81 36 32 34 63 18 Sale 8 36 64 33 36 64 22 Sale 29 Purchase 20 38 Requirements (using dropdowns and blanks provided in Excel) 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 March. Also compute gross profit for March. 3. What is the cost of the store's March 31 inventory of water skis? 4. Assume that ending inventory declined by $210. 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? Cost of goods sold Gross proft Requirements. What is the cost of the Machinery we? Ending inventory, March 31 Requirement 4. Assume that ending wentary Guined by $280 What would the company report as Ervaryhole that low would account for the dirence The company would not every Account is difference by en there may recent de fret, the credits toplanations we need Joumal Entries Debit Credit