Chapter 6 assignment-Inventory (FIFO & WA)-Q 1. Modern Dcor Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modern Dcor purchased and sold merchandise on account as follows: June 7 Purchasep5 sofas @ $750 each 14 Sale 30 sofas @ 1.150 each 18Purchasc50 sofas @ $775 each 27Sale 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. 1 Purchases | Cost of Goods Sold Inventory on Hand Quant Unit Total Quant Unit Total Quant Unit Total Cost Cost Cost Cost Cost Cost Date 2. McClain Designs Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, McClain Designs purchased and sold merchandise on account as follows: June 7 Purchase 25 sofas @ $750 each 14 Sale 30 sofas @ 1,150 each 18 Purchase 50 sofas @ $775 each 35 sofas @ $1,200 each 27 Sale Prepare a perpetual inventory record, using the weighted- average inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) | Cost of Goods Sold Inventory on Hand 1 Purchases Quant Unit Total Quant Unit Cost Cost Cost Total Cost Quant Unit Cost Total Cost Date