Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Modern purchased and sold merchandise on account as follows:

\begin{array} { | r | r | r | } \hline \text { June } 7 & \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \\\hline 14 & \text { Sale } & \text { 30 sofas @ } \$ 1,150 \text { each } \\\hline 18 & \text { Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \\\hline 27 & \text { Sale } & \text { 35 sofas @ } \$ 1,200 \text { each } \\\hline\end{array}

Prepare a perpetual inventory record,using the FIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.
$Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Modern purchased and sold merchandise on account as follows: \begin{array} { | r | r | r | } \hline \text { June } 7 & \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \\ \hline 14 & \text { Sale } & \text { 30 sofas @ } \$ 1,150 \text { each } \\ \hline 18 & \text { Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \\ \hline 27 & \text { Sale } & \text { 35 sofas @ } \$ 1,200 \text { each } \\ \hline \end{array} Prepare a perpetual inventory record,using the FIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.$

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