Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Open Space 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 LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
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