Modern Dcor Furniture began June with merchandise inventory of 50 sofas that cost a total of...

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Modern Décor Furniture began June with merchandise inventory of 50 sofas that cost a total of $20,000. During the month, Modem Décor purchased and sold merchandise on account as follows: June 1Balance June 7Purchase 14Sale 18Purchase 27Sale 50 sofas @ $400 each 30 sofas @ $550 each 45 sofas @ $1,000 each 20 sofas @ $675 each 45 sofas @ $1,000 each Prepare a perpetual inventory record, using the FIFO and LIFO inventory costing method, and determine the company's cost of goods sold. ending merchandise inventory, and gross profit. Modern Décor Furniture began June with merchandise inventory of 50 sofas that cost a total of $20,000. During the month, Modem Décor purchased and sold merchandise on account as follows: June 1Balance June 7Purchase 14Sale 18Purchase 27Sale 50 sofas @ $400 each 30 sofas @ $550 each 45 sofas @ $1,000 each 20 sofas @ $675 each 45 sofas @ $1,000 each Prepare a perpetual inventory record, using the FIFO and LIFO inventory costing method, and determine the company's cost of goods sold. ending merchandise inventory, and gross profit.

Answer rating: 100% (QA)

We will use the perpetual inventory method to prepare the inventory records using the FIFO and LIFO ... View the full answer