Cheyenne Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 , of 520 bookcases at a cost of $116 each. During June, the company had the following purchases and sales of bookcases: (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. e.g 5.52.) Cost of goods sold $ Cost of the ending inventory $ eTextbook and Media Attempts: unlimited (b) Calculate Cheyenne 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 %