Marigold Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1 , of 151 tents. This consists of 48 tents purchased in February at a cost of $210 each and 103 tents purchased in March at a cost of $229 each, During Aprit, the company had the following purchases and sales of tents: Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold Calculate Marigold Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal ploce, e.g. 1.2\% and gross profit to 0 decimal places, e.s. 5.275.) Gross profit Gross profit margin % Is the gross profit determined in previous question higher or lower than it would be if Marigold Outdoors had used the average cost formula? The gross profit is than if the average cost formula had been used in a perpetual inventory system because cost of gor under FIFO in a period of prices than it would be using the average cost formula. Under FIFO, ending inventory is goods sold is and gross profit is