Third Avenue Furniture Began June with Merchandise Inventory of 45

question 34

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:
$$\begin{array} { | r | r | r | } \hline \text { June } 7 & \text { Purchase } & 25 \text { sofas @ } \$ 750 \text { each } \\\hline 14 & \text { Sale } & \text { 30 sofas @ } \$ 1,150 \text { each } \\\hline 18 & \text { Purchase } & 50 \text { sofas @ } \$ 775 \text { each } \\\hline 27 & \text { Sale } & \text { 35 sofas @ } \$ 1,200 \text { each } \\\hline\end{array}$$ Prepare a perpetual inventory record,using the 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.)

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Definitions:

Mental Disorders

Health conditions characterized by significant changes in thinking, emotion, or behavior, associated with distress and impaired functioning.

Hospitalized

The act of admitting an individual to a hospital for treatment, observation, or other medical care.

Violent Behavior

Actions that involve force with the intent to injure, damage, or kill.

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A broad category of mental health conditions that significantly interfere with an individual’s ability to function in daily life.