Beginning inventory, purchases, and sales data for cell phones for July are as follows:

Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.objs. 4, 5

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Inventory Purchases Sales July 1 100 units at $30 July 3 80 units at $32 July 7 72 units 21 60 units at $33 13 80 units 31 32 units