Assume a Championship Sports outlet store began March 2010 with 46 pairs of running shoes that cost the store $39 each. The sale price of these shoes was $65. During March the store completed these inventory transactions:_x0001_Requirements1. The preceding data are taken from the stores perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer.2. Determine the stores cost of goods sold for March. Also compute gross profit for March.3. What is the cost of the stores March 31 inventory of runningshoes?