=+Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out 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.

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

Inventory Purchases Sales March 1 1,000 units at $40 March 5 500 units at $42 March 8 700 units 20 450 units at $44 14 600 units 31 300 units