Third Avenue Furniture Began June with Merchandise Inventory of 45

question 66

Essay

Third Avenue Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, the company purchased and sold merchandise on account as follows:
$$\begin{array} { | r | r | r | } \hline \text { June } 7 & \text { Purchase } & 25 \text { sofas } @ \$ 750 \text { each } \\\hline 14 & \text { Sale } & 30 \text { sofas } @ \$ 1,150 \text { each } \\\hline 18 & \text { Purchase } & 50 \text { sofas } @ \$ 775 \text { each } \\\hline 27 & \text { Sale } & 35 \text { sofas } @ \$ 1,200 \text { each } \\\hline\end{array}$$ Prepare a perpetual inventory record, using the weighted-average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.)
| Purchases | Cost of Goods Sold | Inventory on Hand |
$$\begin{array} { | l | l | l | l | l | l | l | l | l | l | } \hline \text { Date } & \text { Quant } & \begin{array} { c } \text { Unit } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} & \text { Quant } & \begin{array} { c } \text { Unit } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} & \text { Quant } & \begin{array} { c } \text { Unit } \\\text { Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Cost }\end{array} \\\hline & & & & & & & & & \\\hline & & & & & & & & & \\\hline & & & & & & & & & \\\hline & & & & & & & & & \\\hline & & & & & & & & & \\\hline & & & & & & & & & \\\hline\end{array}$$

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Definitions:

Benjamin Rush

A signer of the Declaration of Independence and a prominent physician and educator, known for his contributions to American medical history and advocacy for public health measures.

Voting Rights

Legal provisions that confer the entitlement to participate in the electoral process to select public officials and decide on referendums.

Thomas Paine

An influential British-born American political activist, philosopher, and writer known for his works "Common Sense" and "The American Crisis" which played a significant role in motivating the American Revolution.

Voting Requirements

The criteria established by law that individuals must meet to be eligible to participate in the voting process, such as age, citizenship, and residency.