Basis Furniture Ltd. uses a perpetual inventory system and has a beginning inventory as at June 1, of 500 bookcases of $125 each. During June, the company had the following purchases and sales of bookcases: Apply perpetual ver age cost. (SO 2) at a cost Purchases Sales Date Units 10 14 1,800 16 26 1,000 Unit Cost Units Unit Price 1,000 1,600 $127 128 129 $200 205 Instructions a) Determine the cost of he average cost method. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) (b) Calculate Basis Furniture's gross profit and gross profit margin for the month of June. (c) Is the gross profit determined in part (b) higher or lower than it would be if Basis Furniture had used FIFO? Explain