eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apt. 1 Inventory 120 units at $26 10 Sale 90 units 15 140 units at $28 Purchase Sale 20 110 units 24 Sale 40 units 30 Purchase 160 units at $30 The business maintains a perpetisal 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 Liro, ir 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 Portable Game Players Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Apr.. 1 Apr 10 Apr 140 3.920 15 QOID Apr 20 110 . Check My Work Previous Next eBook Show Me How 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 Merchandise Sald Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Apr 1 Apr 10 Apr 140 3.920 25 90 0 25 . 20 110 0000000 00 0000010 00 DII DIO) Apr 24 Apr 30 100 4.NO Apr 30 Balances Check My Work Previous