erpetual Inventory Using LIFO eginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 54 units @ $53 Sale 36 units 15 Purchase 68 units @ $55 20 Sale 39 units 24 Sale 11 units Purchase 30 units @ $58 he business maintains a perpetual inventory system, costing by the last-in, first-out method. etermine 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 ventory 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. Perpetual Inventory Account LIFO Method Portable Game Players Cost of Cost of Merchandise Merchandise Sold Sold Purchases Purchases Quantity Inventory Inventory Inventory Quantity Unit Cost Total Cost Unit Cost Total Cost Sold Quantity Unit Cost Total Cost Date Purchased 67 6,499.00 X X X 97.00 Apr. 1 v 1 conn V v cannon