Cheyenne Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at...
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Cheyenne Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 520 bookcases at a cost of $116 each. During June, the company had the following purchases and sales of bookcases: Sales Purchases Units Unit cost 1.210 $118 Date June Units Unit price 6 1,030 $220 1,740 119 10 14 16 26 1.620 225 1,010 120 (a) Your answer is correct Determine the cost of goods sold and the cost of the ending inventory using the average cost formulare unrounded numbers for average cost calculations. Round answers to 2 decimal places. 5.52) (b) Calculate Cheyenne Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal place, es. 15.1 and gross profit to the nearest whole dollar, eg. 1525.) Gross profit $ Gross pront margin
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