Bridgeport Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 500 bookcases at a cost of $124 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1.250 $126 10 1,040 $193 14 1,790 127 16 1,610 198 26 990 128 (a) Your answer is correct. 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 $ $ 334,193 Cost of the ending inventory $ 239,358 eTextbook and Media Attempts: 1 of 3 used (b) Calculate Bridgeport Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, e.g. 15.1 and gross profit to the nearest whole dollar, e.g. 1525.) Gross profit $ Gross profit margin % e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Part 3 Is the gross profit determined in part (b) higher or lower than it would be if Novak Furniture had used the FIFO? The gross profit than it would be using the FIFO cost method because the cost of the product being purchased is higher lower