1. 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	Purchas	25 sofas @ $750 each
14	Sal	30 sofas @ $1,150 each
18	Purchas	50 sofas @ $775 each
27	Sal	35 sofas @ $1,200 each

Using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit