Calculate Flint Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place. es. 15.1\% and gross profit to 0 decimal places, eg. 5.275. J Gross profit Gross profitmargin \% 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. es 5.52.) Cost of goods sold Ending inventory Flint Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $126 each During fune, the company had the following purchases and sales of bookcases: Is the gross profit determined in previous question higher or lower than it would be if Flint Furniture had used FIFO? The gross profit is than it would be using the FIFO cost formula because the cost of the product being purchased is eTextbook and Media