2) Designer Furniture began June 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: June 7 Purchase 25 sofas @ $750 each Sale 30 sofas @ $1,150 each Purchase 50 sofas @ $775 each 27 Sale 35 sofas @ $1,200 each 14 18 Using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (3 POINTS)