Part B Only

Question 7 of 7 071 Ayayai Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 146 tents. This consists of 48 tents purchased in February at a cost of $207 each and 98 tents purchased in March at a cost of $229 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. $395 204 $280 3 74 10 17 24 253 395 291 295 30 190 395 (a) * Your answer is incorrect. Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold Cost of the ending inventory Grouper Furniture Ltd, uses a perpetual inventory system and has a beginning inventory, as at June 1, of 480 bookcases at a cost of $114 each. During June, the company had the following purchases and sales of bookcases. Purchases Sales Units Unit cost Units Unit price 1160 $116 10 990 $197 14 1,810 117 16 1,620 202 990 118 Date June 6 26 (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, eg 5.52) 30312187 Cost of goods sold Cost of the ending inventory 214748.13 eTextbook and Media Attempts: 1 of 3 used (b) Calculate Grouper Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, eg 151 and gross profit to the nearest whole dollar, t.8. 1525.) Gross profit Gross profit margin Texthaakundi Media