Open Space Furniture Began June with Merchandise Inventory of 45

question 6

Essay

Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Open Space purchased and sold merchandise on account as follows:
$\begin{array}{|r|l|c|}\hline \text { June } 7& \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \\\hline 14&\text { Sale } & 30 \text { sofas @ 1,150 each } \\\hline18& \text { Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \\\hline27& \text { Sale } & 35 \text { sofas } @ 1,200 \text { each } \\\hline\end{array}$
Prepare a perpetual inventory record,using the LIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.

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Definitions:

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