NOT. Exercise 6-4 Pronghorn Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 157 tents. This consists of 50 tents at a cost of $206 each and 107 tents at a cost of $226 each. During April, the company had the following purchases and sales of tents: Date Apr 10 17 Purchases Sales Units Unit Cost Units Unit Price 72 202 Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold Cast of the ending inventory LINK TO TEST LINK TEXT Calculate Pronghorn Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2 and gross profit to the nearest whole dollar, e.g. 5,275.) Gross pro Gross profit margin LINK TO TEXT LINK TO TEXT Is the gross profit determined in part (b) higher or lower than it would be if Pronghorn 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 goods sold is under FIFO in a period of prices than it would be using the average cost formula. Under FIFO, ending inventory is of goods sold is and gross profit is cost LINK TO THE LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Question Attempts of used WEFONLAT BURNET ANSWER Earn Maximum Pomonly you answer the question comedy in four