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.

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.

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.

Modern Lifestyle Furniture Began June with Merchandise Inventory of 45