Flounder Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 of 500 bookcases at a cost of $118 cach. During June the company had the following purchases and sales of bookcases Purchases Units Unit cost 1.220 $120 Units Sales Unit price Date June 6 10 1000 $196 14 1.740 121 1.520 201 16 26 1010 122 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. 85.52) Cost of goods sold $ A Cost of the ending inventory $ a Calculate Flounder Furniture's gross profit and gross profit margin for the month of June. (Round gross profit margin to 1 decimal ploce, . 15.1 and gross profit to the nearest whole dollar, c.8. 1525.) Gross profit Gross profit margin 9 is the gross profit determined in part (b) higher or lower than it would be if Flounder Furniture had used the FIFO? gross profit is than it would be using the FIFO cost method because the cost of the product being purchased is