Cheyenne Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June...

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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: Purchases Sales Date Units Unit Cost Units Unit Price June 6 1,210 $118 10 1,030 $220 14 1,740 119 16 1,620 225 26 1,010 120 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 $ Ending inventory $ eTextbook and Media Calculate Cheyenne 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 O decimal places, e.g. 5,275.) Gross profit $ Gross profit margin eTextbook and Media % Is the gross profit determined in previous question higher or lower than it would be if Cheyenne Furniture had used FIFO? The gross profit is than it would be using the FIFO cost formula because the cost of the product being purchased 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: Purchases Sales Date Units Unit Cost Units Unit Price June 6 1,210 $118 10 1,030 $220 14 1,740 119 16 1,620 225 26 1,010 120 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 $ Ending inventory $ eTextbook and Media Calculate Cheyenne 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 O decimal places, e.g. 5,275.) Gross profit $ Gross profit margin eTextbook and Media % Is the gross profit determined in previous question higher or lower than it would be if Cheyenne Furniture had used FIFO? The gross profit is than it would be using the FIFO cost formula because the cost of the product being purchased