Riverbed Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 152 tents. This consists of 51 tents at a cost of $211 each and 101 tents at a cost of $222 each. During April, 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.

Calculate Riverbed Outdoorss gross profit and gross profit margin for the month of April.

			Purchases			Sales
Date			Units		Unit Cost		Units		Unit Price
Apr.	3						75		$421
	10		208		$280
	17						240		421
	24		286		295
	30						207		421