Questions: 1) CAN Furniture began April with merchandise inventory of 45 sofas that cost a total...

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Questions: 1) CAN Furniture began April with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, this company purchased and sold merchandise on account as follows: April 7 Purchase 14 18 27 Sale Purchase Sale 25 sofas @ $750 each 30 sofas @ $1,150 each 50 sofas @ $775 each 35 ofas @ $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. (40 points) Date | Purchases | Cost of Goods Sold | Inventory on Hand | Quant. Unit Total Quant. Unit Total Quant. Unit Total Cost Cost Cost Cost Cost Cost Questions: 1) CAN Furniture began April with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, this company purchased and sold merchandise on account as follows: April 7 Purchase 14 18 27 Sale Purchase Sale 25 sofas @ $750 each 30 sofas @ $1,150 each 50 sofas @ $775 each 35 ofas @ $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. (40 points) Date | Purchases | Cost of Goods Sold | Inventory on Hand | Quant. Unit Total Quant. Unit Total Quant. Unit Total Cost Cost Cost Cost Cost Cost