lounder Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at...
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lounder Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 500 bookcases at a cost of $118 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,220 $120 10 1,000 $196 14 1,740 121 16 1,520 201 26 1,010 122 (a) Correct answer icon 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. e.g 5.52.) Cost of goods sold $enter the cost of goods sold in dollars rounded to 2 decimal places Cost of the ending inventory $enter the cost of goods sold in dollars rounded to 2 decimal places eTextbook and Media Attempts: 2 of 3 used (b) Calculate Flounder Furnitures 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, e.g. 1525.) Gross profit $enter the gross profit in dollars rounded to 0 deimal place Gross profit margin enter the gross profit margin in percentages rounded to 1 decimal place %
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