PART 5: INVENTORY METHODS 10 POINTS 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 Purchase25 sofas @ $750 each 14Sale 30 sofas @ 1,150 each 18 Purchase 50 sofas @ $775 cach 27Sale 35 sofas @ $1,200 each Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory & gross profit. ! Purchases | Cost of Goods Sold | Inventory on Hand Quant Unit Total Quant Unit Total Quant Unit Total Cost Cost Cost Cost Cost Cost Date