Question 2 (14 marks)

Modern Furniture Company uses Perpetual Inventory System.During the month of June, Modern Furniture Company purchased and sold merchandise on account as follows:

June 1	Beginning inventory	40 units @600 each
7	Purchase	30units @ $700 each
14	Sale	25units @ $1,000 each
18	Purchase	35units @ $800 each
27	Sale	40units @ $1,250 each

1. Prepare perpetual inventory record for Modern Furniture Company using LIFO inventory costing method.[10 Marks]
2. Calculate Gross Profit for June in $ and as percentage %. [4 Marks]