Assume a Nike outlet store began in august 20X0 with 40 pairsof running shoes that cost the store $40 each. The sale price oftheshoes was $70. During august the store completed these inventory transactions: (for the three sets of #'s below, the first columnis the units, the second is unit cost, and the last is unit saleprice)
Units Unit Cost Unit Sale Price
aug. 3Sale..... 16 $40 $70
8Purchase..... 80 $41
11Sale..... 24 $40 $70
19Sale..... 9 $41 $72
24Sale..... 30 $41 $72
30Purchase..... 18 $42
Determine the store's cost of goods sold for august. Also compute the GP for august.
What is the cost of the stores august 31 inventory of running shoes?