Modern Dcor Furniture began June with merchandise inventory of 50 sofas that cost a total of $20,000. During the month, Modem Dcor purchased and sold merchandise on account as follows: June 1Balance June 7Purchase 14Sale 18Purchase 27Sale 50 sofas @ $400 each 30 sofas @ $550 each 45 sofas @ $1,000 each 20 sofas @ $675 each 45 sofas @ $1,000 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.