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Swifty Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 150 tents. This consists of
Swifty Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 150 tents. This consists of 52 tents purchased in February at a cost of $206 each and 98 tents purchased in March at a cost of $226 each. During April, the company had the following purchases and sales of tents: Purchases Sales Date Units Unit Cost Units Unit Price Apr. 3 73 $398 10 195 $277 17 249 398 24 303 294 30 30 191 398 (a) Your answer is correct. Determine the cost of goods sold and the cost of the ending inventory using FIFO. Cost of goods sold Cost of the ending inventory +A tA 136267 $ 39690 (b) Calculate Swifty 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 %
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