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 June, the company had the following purchases and sales of bookcases:

			Purchases				Sales
Date			Units		Unit cost		Units		Unit price
June	6		1,260		$128
	10						980		$201
	14		1,830		129
	16						1,660		206
	26		1,000		130

(a)

Correct answer icon

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		$enter the cost of goods sold in dollars rounded to 2 decimal places
Cost of the ending inventory		$enter the cost of goods sold in dollars rounded to 2 decimal places

Calculate Flint Furnitures 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		$enter the gross profit in dollars rounded to 0 deimal place
Gross profit margin		enter the gross profit margin in percentages rounded to 1 decimal place	%