Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Modern purchased and sold merchandise on account as follows:

Prepare a perpetual inventory record,using the FIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.
| Purchases | Cost of Goods Sold | Inventory on Hand |

Question

Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Modern purchased and sold merchandise on account as follows:
  
Prepare a perpetual inventory record,using the FIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.
| Purchases | Cost of Goods Sold | Inventory on Hand |

Quizplus · Accepted Answer

The Answer of Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500.During the month,Modern purchased and sold merchandise on account as follows:
  
Prepare a perpetual inventory record,using the FIFO inventory costing method,and determine the company's cost of goods sold,ending merchandise inventory,and gross profit.
| Purchases | Cost of Goods Sold | Inventory on Hand |

Modern Lifestyle Furniture Began June with Merchandise Inventory of 45