3) Modem Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modem purchased and sold merchandise on account as follows: 25 sofss @ $750 each 30 sofas@ S1,150 each 0 sofas S775 each 35 sofas @ S1,200 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. June 7 14 18 Sale Purchases Cost of Goods Sold Inventory on Hand I Total Cost | |Total louant. Unit . Total Unit Cost Unit Date Cost Cost Cost