Ayayai Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 153 tents. This consists of 50 tents at a cost of $209 each and 103 tents at a cost of $223 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 $430 72 10 192 $273 17 237 430 24 315 293 30 205 430 goods sold and the cost of the ending inventory using FIFO. Determine the cost Cost of goods sold Cost of the ending inventory Calculate Ayayai Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2 and gross profit to the nearest whole dollar, e.g. 5,275.) Gross profit $ Gross profit margin Is the gross profit determined in part (b) higher or lower than it would be if Ayayai Outdoors had used the average cost formula? under FIFO in a period of The gross profit is than if the average cost formula had been used in a perpetual inventory system because cost of goods sold is prices than it would be using Cost of goods sold is and aross profit is the average cost formula. Under FIFO, ending inventory is