Designer Furniture Began June with Merchandise Inventory of 45 Sofas

question 23

Essay

Designer Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Designer Furniture 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 LIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.

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Definitions:

Incidences of Warfare

Occurrences or instances of armed conflict between groups, emphasizing the frequency and distribution of such events over time or space.

Frequent Mobility

The tendency or need to move often, either in short distances within a local area or longer migrations, found in nomadic or certain modern lifestyles.

Chiefdom

A politically organized society in which several neighboring communities inhabiting a territory are united under a single ruler, who is at the head of a ranked hierarchy of people.

Paramount Chief

A supreme leader among a group of chiefs in certain traditional societies, often with political and spiritual authority over a larger area.