**HOME WORK ASSIGNMENT ak a HW of cach racket is S140. Company records indicate the following activity for a particular line of rackets. Y 1: Texas Tennis Inc. carries an inventory of tennis rackets and related tennis products. The sales price Date May 1 May 6 May 8 May 17 May 29 Item Balance Sale on account Purchase Sale on account Sale on account Quantity 20 Unit Cost $ 80 15 15 $ 86 repare a perpetual inventory record for the rackets using the LIFO costing system. Then identity the cost of the ending inventory and cost of goods sold for the month. (sales price is still S140 each) 1. P Inventory Balance Purchases Cost of Goods Sold Total Quantity Unit Total Quantity Unit Total Cost Date Quantity Unit Cost Cost t Cost Cost Cost 86 1,290 $80 $880 15 Totals 15 27 (eoncept check: Beg Bal + Total Purchases Cost of Goods Sold Ending Inventory) The cost of the ending inventory balance using the LIFO method is $ 4. The cost of goods sold for the month using the LIFO method is $ 5