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Chapter 6 assignment-Inventory (FIFO & WA)-Q 1. Modern Dcor Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modern Dcor purchased and sold merchandise on account as follows: June 7 Purchase25 sofas @ $750 each 14 Sale 30 sofas @ 1,150 each 18 Purchase 50 sofas @ $775 each 27 Sale 35 sofas @ $1,200 each 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 Quant Unit Total Quant Unit Total Quant Unit Total Date Cost Cost Cost Cost Cost Cost 1 2. McClain Designs Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, McClain Designs purchased and sold merchandise on account as follows: 2. McClain Designs Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, McClain Designs purchased and sold merchandise on account as follows: June 7 Purchase 25 sofas @ $750 each 14 Sale 30 sofas @ 1,150 each 18 Purchase 50 sofas @ $775 each 27 Sale 35 sofas @ $1,200 each Prepare a perpetual inventory record, using the weighted- average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Purchases | Cost of Goods Sold Inventory on Hand Quant Unit Total Quant Unit Total Quant Unit Total Cost Cost 1 Date Cost Cost Cost Cost