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:

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.
| Purchases | Cost of Goods Sold | Inventory on Hand |

Question

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:
  
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.
| Purchases | Cost of Goods Sold | Inventory on Hand |

Quizplus · Accepted Answer

The Answer of 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:
  
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.
| Purchases | Cost of Goods Sold | Inventory on Hand |

Designer Furniture Began June with Merchandise Inventory of 45 Sofas