eBook $70 May Pri $65 Maya Deferences $45 May Income Statement Net sales............ $100 Cost of goods sold. 70 Gross profit... $30 Balance Sheet Inventory..... $110 Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs April April 10 April 15 April 20 April 22 $10 $12 $14 One unit is sold on April 25. The company uses the last in, first-out (LIFO) Inventory costing method. Identify the cost of the ending inventory on the balance sheet Cost of the ending inventory 25