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What is the ending merchandise inventory? Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the
What is the ending merchandise inventory?
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 Purchase 25 sofas @ $750 each 30 sofas @ 1.150 each 50 sofas @ $775 each 35 sofas @ $1,200 each 18Purchase 27 Sale 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 Step by Step Solution
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