Designer Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Designer Furniture purchased and sold merchandise on account as follows:
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.
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = $76,500 - $49,375 = $27,125
Sales = (30 × $1,150) + (35 × $1,200) = $76,500
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