Novak Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 530 bookcases at a cost of $120 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Date Units Unit cost Units Unit price June 6 1,140 $122 10 1,000 $180 14 1,890 123 16 1,550 185 26 1,010 124Required:a. Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. b. Calculate Novak Furniture's gross proft and gross rofit margin for the month of June.