Determine the store cost of goods sold for october

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Reference no: EM133434951

Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: Units Unit Cost Unit Sale Price Oct.2 Sale 19 $38 $67 9 Purchase 83 40 13 Sale 28 38 67 18 Sale 10 40 68 22 Sale 34 40 68 29 Purchase 24 42 Requirements 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. Determine the store's cost of goods sold for October. Also compute gross profit for October. What is the cost of the store's October 31 inventory of water skis?

Reference no: EM133434951

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