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(Measuring cost of goods sold and ending inventory- perpetual system) Assume a Jaguar Sports outlet store began October 20X6 with 52 pairs of running shoes that cost the store $35 each. The sale price of these shoes was $70. During October, the store completed these inventory transactions:
Units Unit Cost Unit Sales Price
Oct 3 Sale ............. 13 $35 $70
8 Purchase ...... 84 36
1 1 Sale ............. 39 35 70
19 Sale ............. 5 36 71
24 Sale ............. 40 36 71
30 Purchase ...... 24 37
Requirements
Question 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.
Question 2. Determine the store's cost of goods sold for October. Also compute gross pro?t for October.
Question 3. What is the cost of the store's October 31 inventory of running shoes?
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