3) Modem Lifestyle Furniture began June with merchandise inventory of 45 sofas t

Question

3) Modem Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modem purchased and sold merchandise on account as follows: 25 sofss @ $750 each 30 sofas@ S1,150 each 0 sofas S775 each 35 sofas @ S1,200 each 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. June 7 14 18 Sale Purchases Cost of Goods Sold Inventory on Hand I Total Cost | |Total louant. Unit . Total Unit Cost Unit Date Cost Cost Cost

Explanation / Answer

Purchases COGS Invnetory on Hand Date Quantity Unit Total Quantity Unit Total Quantity Unit Total Jun-01 45 $700.00 $31,500.00 Jun-07 25 $750.00 $18,750.00 Jun-14 30 $700.00 $21,000.00 Jun-18 50 $775.00 $38,750.00 Jun-27 15 $700.00 $10,500.00 20 $750.00 $15,000.00 TOTAL $57,500.00 $46,500.00 $31,500.00 Gross Profit would be Sales $76,500.00 Less: COGS $(46,500.00) Gross Profit $30,000.00

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