QUESTION 19 Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, they purchased and sold merchandise on account as follows: June 7 Purchase 25 sofas @ $750 each 14 Sale 30 sofas @ $1,150 each 18 Purchase 50 sofas @ $775 each 27 Sale 35 sofas @ $1,200 each a. How much was the average cost of each sofa at the beginning of June? (2 marks) b. Using the LIFO method what was the profit made on the June 14 sale? (2 marks) c. If the FIFO method is used for costing merchandise what would be the cost of the ending Inventory? (2 marks) d. If the weighted average method was used how much did each unit sold June 14 cost? (2 decimal places) (2 marks) e. What was the total revenue for the month of June? (2 marks) Total = 10 marks