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Indigo Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 152 tents. This consists of 50 tents at a cost of $212 each and 102 tents at a cost of $226 each. During April, the company had the following purchases and sales of tents: Purchases Sales Units Unit Cost Units Unit Price Date Apr. 3 $409 75 194 $273 10 17 238 409 24 295 292 30 205 409 Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold Cost of the ending inventory $ UNK T X LINK TX Calculate Indigo 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 profit Gross profit margin LINK TO TEXT LINK Is the gross profit determined in part (b) higher or lower than it would be if Indigo 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 cost of goods sold is and gross profit is LINK TO TEXT LINK TO TEXT