Exercise 6-4 cheyenne Outdoor Stores Inc. uses perpetual Inventary system and has a beginning inventory, as a pril 1 of 148 ton s This cansists of 50 tents at cost a $211 each and g8 tents at cost of $227 nach. Dunngpnl, he company had the fo owing purchases and sales Sales Date Units Unit Cost Units Unit Price Apr. 3 10 17 24 196 $276 251 294 289 204 Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold cost of the ending inventory Calculate Cheyenne Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to I declmal place, e.g. 1.2 and gross profit to the neorest whole dollar, e.g. 5,275.) Gross profit Gross profit margin ts the gross profit determined in part (b) higher or lower than it would be if Cheyenne Outdoors had used the average cost tormula? The grass profit is than if the average cost farmula had hean used in a perpetual invantory system hecause cost of goods sald is | under FIFD in perind of prices than it wauld he using tha average cost farmula. Under FIFO, ending inventary is cest of ds sld is and gress profit