eBook Print tem Perpetual Inventory Using ulo The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $39 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $47 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. Present the data in the form illustrated in Exhibit 4. Under LIFO, If units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Inventor Cost of Goods Sold Purchases Total Cost Unit Cost Unit Cost Unit Cost Total Cost Date Quantity Quantity Quantity Jan. 1 Apr 19 June 30 Sept. 2 - Nov. 15 Balances Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $40 Apr. 19 Sale 2,400 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 4,800 units Nov. 15 Purchase 2,200 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each said, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, If units are in Inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Invento Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cos Jan. 1 Apr. 19 2,400 June 30 4,300 X Sept. 2 Nov. 15 D