USE AVERAGE COST FORMULA

Calculate Sheffield Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, e.g. 15.1 and gross profit to the nearest whole dollar, eg. 1525) Gross profit $ Gross profit margin % 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.) Cost of goods sold $ 3214546 Cost of the ending inventory $ 250583.8