1. EX.06-03 Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for DVD players are as follows November 1 Inventory 3. EX.06-04 4. EX.06-04 ALGO 5. EX.06-05 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 58 units at $77 46 units 75 units at $81 41 units 11 units 24 units at $86 The business 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 Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Mcthod DVD P Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Soid Total Cost In Nov. 1 Now. 10 ov. 15 Quantty Unt Cost Inventory Total Cost o. 20 Now. 30 No. 30 Balances Note that this exercise uses the perpetual inventory system. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to record the cost of the goods sold Check My Work Previous Next Progress: 4/5 items