2) CANCAN Furniture began July with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Designer Furniture purchased and sold merchandise on account as follows: 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. (40 points) 3) Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle. (20 points) Good Luck