Question
Modern Dcor Furniture began June with merchandise inventory of 30 sofas that cost a total of $30,000. During the month, Modern Dcor purchased and
Modern Dcor Furniture began June with merchandise inventory of 30 sofas that cost a total of $30,000. During the month, Modern Dcor purchased and sold merchandise on account as follows: June 1 Balance Purchas 30 sofas @ $1,000 each June 7 e 15 sofas @ $1,150 each 14 Sale Purchas 35 sofas @ $2,000 each 18 le 45 sofas @ $1,200 each 27 Sale 40 sofas @ $2,000 each Prepare a perpetual inventory record, using the FIFO and LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
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Get StartedRecommended Textbook for
Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
4th Edition
978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584
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