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: 25 sofas @ $750 June 7Purchase each 30 sofas @ 1,150 14Sale each 50 sofas @$775 18Purchase each 35 sofas @ $1,200 27Sale leach 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. Date Purchases Cost of Goods Sold Quant Unit Total Quant Unit Total Cost Cost Cost Cost Inventory on Hand Quant Unit Cost Total Cost