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Churchhill Furniture began June with merchandise inventory of 45 sofas that cost a total of...

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Accounting

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Churchhill 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 14 Sale 30 sofas @ 1,150 each 18 Purchase 50 sofas @ $775 each 27 Sale 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, and gross profit. Edit View Insert Format Tools Table 12pt B > 2 Paragraph

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