Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $131 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Units Unit cost Units Unit price Date June 6 1,200 $133 10 1,050 $197 14 1,740 134 16 1,630 202 26 1,030 135 Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. eg 5.52) $ Cost of goods sold Cost of the ending inventory $ Calculate Bramble Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, eg. 15.1 and gross profit to the nearest whole dollar, e.g. 1525.) Gross profit Gross profit margin % Is the gross profit determined in part (b) higher or lower than it would be if Bramble Furniture had used the FIFO? The gross profit is than it would be using the FIFO cost method because the cost of the product