Question: I need help with letter b. Please indicate your full solution and correct answers. Thank you. Monty Furniture Ltd. uses a perpetual inventory system and

I need help with letter b. Please indicate your full solution andcorrect answers. Thank you. Monty Furniture Ltd. uses a perpetual inventory systemand has a beginning inventory, as at June 1 , of 500I need help with letter b. Please indicate your full solution and correct answers. Thank you.

Monty Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 , of 500 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: (a) 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 $ Cost of the ending inventory $ Calculate Monty 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, e.g. 1525.) Gross profit $ Gross profit margin %

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