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Need help. Not sure how to work this problem. Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of
Need help. Not sure how to work this problem.
Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Open Space purchased and sold merchandise on account as follows:
June 7 Purchases 25 sofas @ $ 750 each
14th sale 30 sofas @ $1150 each
18th purchases 50 sofas @ $775 each
27th sale 35 sofas @ $1200 each
a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit.
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