Determine the cost of goods sold for the transaction on October 25 using the perpetual inventory system and the FIFO method. Date Item Units Cost Total Beginning inventory 5 $10 $50 October 4 Purchase 8 11 88 October 8 Sale 6 October 20 Purchase 15 12 180 October 25 Sale 12 a.$138 b.$180 c.$144 d.$137\

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)