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 14Sale 30 sofas @ 1,150 each 50 sofas @ $775 18Purchase 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.