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...

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:

1. 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:

I did the cost of golds sold part and got $3,546 but didn't understand the rest of,

Sales [(47 units x $67)+(44 units x $68)]Please help explain!

2. What is the cost of the store’s October 31 inventory of water skis?

3. Assume that ending inventory declined by $200. 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?

Extracted text: Units Unit Cost Unit Sale Price Oct. 2 Sale 19 $38 S67 Purchase 83 40 ......... 13 Sale 28 38 67 18 Sale 10 40 68 22 Sale 34 40 68 29 Purchase 24 42 ....................