4- Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modern purchased and sold merchandise on account as follows: June 14 18 Purchase Sald Purchase Sald 25 sofas a $750 each 30 sofas @ $1,150 each 50 sofas @ $775 each 35 sofas @ $1,200 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. Purchases Quant. Unit Cost Total Cost Cost of Goods Sold Quant. Unit Total Cost Inventory on Hand Quant. Unit Total Cost Date Cost Cost 5. On January 1, 2019, Sapphire Manufacturing Company purchased a machine for $40,000,000. The company expects to use the machine for 24,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $40,000. The schedule of usage of the machine is below. Year Usage 4,500 1 2 3 4 5 6 6,000 5,200 4,300 2,000 2,000 Prepare the depreciation schedule using the units-of-production method of depreciation