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: 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.

Question

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:  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.

Quizplus · Accepted Answer

The Answer of 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:  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.

Open Space Furniture Began June with Merchandise Inventory of 45