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Perpetual Inventory Using IF The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $40 Apr. 19 Sale 2,700 units June 30 Purchase 4,600 units at $44 Sept. 2 Sale 5,200 units Nov. 15 Purchase 1,800 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 sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit Under UFO, if units are in inventory at two or more dufferent costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total CostQuantity Unit CostTotal CostQuantity Unit CostTotal Cost $ $ Jan. 1 3,800 40 152,000 $ $ Apr. 19 2,700 108,000 $ $ June 30 4,600 44 202,400 40 Sept. 2 > 46 82,800 Nov. 15 1,800 Dec. 31 Balances Feedback Check My Wort When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to record the cost of the merchandise sold. LIFO means the last units purchased are assumed to be the first to be sold. Therefore after each sale, the remaining or ending inventory is made up of the first purchases. Think of your inventory in terms of Tayers. The first sale is completely satisfied by the beginning inventory. The second sale will be satisfied by the most recent units in the first purchase and then units from beginning inventory, if necessary. The remaining unit from the beginning inventory, along with any remaining units from and first and second purchases, we added together to calculate the ending inventory