Pl. Modern Décor Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modern Décor purchased and sold merchandise on account as follows: June 7 Purchase 14 Sale 25 sofas @ $750 each 30 sofas @ 1,150 each 50 sofas @ $775 each 18 Purchase 27 Sale 35 sofas @ $1,200 each Prepare a perpetual inventory record, using the FIFO inventory costing method. Use the table below as your guide. A Purchases 1 Cost of Goods Sold Quant Unit Total Quant Unit Cost Cost Inventory on Hand Total Quant Unit Total Cost Cost Cost Cost
Pl. Modern Décor Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Modern Décor purchased and sold merchandise on account as follows: June 7 Purchase 14 Sale 25 sofas @ $750 each 30 sofas @ 1,150 each 50 sofas @ $775 each 18 Purchase 27 Sale 35 sofas @ $1,200 each Prepare a perpetual inventory record, using the FIFO inventory costing method. Use the table below as your guide. A Purchases 1 Cost of Goods Sold Quant Unit Total Quant Unit Cost Cost Inventory on Hand Total Quant Unit Total Cost Cost Cost Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:P1. Modern Décor Furniture began June with merchandise inventory of 45 sofas that cost a
total of $31,500. During the month, Modern Décor purchased and sold merchandise on account
as follows:
June 7
Purchase
14
Sale
25 sofas @ $750 each
30 sofas @ 1,150 each
50 sofas @ $775 each
18
Purchase
27 Sale
35 sofas @ $1,200 each
Prepare a perpetual inventory record, using the FIFO inventory costing method. Use the table
below as your guide.
Purchases
Cost of Goods Sold Inventory on Hand
Quant Unit Total Quant Unit Total Quant Unit Total
Cost Cost
Cost Cost
Cost
Date
Cost
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