Custom E35 Arial 10 B B& 25 %22SERROR(FORMULATEXTIE221,"Enter a formula" FORMULATEXT22 1 Perpetual inventory using LIFO D 2 The following units of a particular item were available for sale during the calendar year. DATA 6 Jan 1 7 Apr 19 June 30 Inventory Sale 9 Sept 2 Purchase Sale Purchase Quantity Price 3,900 1421 2.500 4,800 544 5,100 1.800 540 G 10 Nov 15 11 12 REQUIRED 13 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Under LFO, in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Costco 14 Using formulas and cell references from the problem data, perform the required analysis. Formules entered in the green cells show in the orange cets. Transfer amounts to CNOWV2 for grading Schedule of Cost of Goods Sold 15 16 17 LIFO Method 18 19 Date Quantity Purchases Unit Cost Total Cost Quantity Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Col Cost 20 Jan. 1 21 Apr. 19 June 30 Sept 2 Nov. 15 28 Dec 31 balances E pata + Calculation Made Automate Warren CFA 16 A 18- Pr M Show Al