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: July 7 Purchase 25 sofas @ $750 each 14 Sale 30 sofas @ $1,150 each 18 Purchase 50 sofas @ $775 each Sale 35 sofas @ $1,200 each 27 Date 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) | Purchases Inventory on Hand Quant. Unit Total Quant. Unit Total Quant. Unit Total | Cost of Goods Sold Cost Cost Cost Cost Cost Cost 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) Financial Statement Element: LIFO FIFO Weighted- Cost of Goods Sold Net Income Ending Merchandise Inventory Average Good Luck!