Beginning inventory, purchases, and sales data for portable DVD players are as follows: 64 units @ $53 48 units 80 units @ $55 45 units 14 units 40 units $ June 1 Inventory 14 Purchase 19 Sale 25 Sale 30 Purchase 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 5. Under LIFO, If units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Inventory unit cos Cost Total Cost Unt Cost Date Quantity Sold Cost Cost $53 3392 64 Previous Ne