IIFO Method \begin{tabular}{|c|c|c|c|c|c|c|} \hline Date & PurchasesQuantity & PurchasesUnitCost & PurchasesTotalCost & CostofGoodsSoldQuantity & CostofGoodsSoldUnitCost & CostofGoodsSoldTotalCost \\ \hline \multicolumn{7}{|l|}{ Jan. 1} \\ \hline \multicolumn{7}{|l|}{ Apr. 19} \\ \hline \multicolumn{7}{|l|}{ June 30} \\ \hline \multicolumn{7}{|l|}{ June 30} \\ \hline \multicolumn{7}{|l|}{ Sept. 2} \\ \hline \multicolumn{7}{|l|}{ Sept. 2} \\ \hline \multicolumn{7}{|l|}{ Nov. 15} \\ \hline \multicolumn{7}{|l|}{ Nov. 15} \\ \hline Dec. 31 & Balances & & & & & 5 \\ \hline \end{tabular} Perpetual inventory using UFO The following units of a particular item were available for sale during the calendar year: 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 allustrated in Exhibit 4. Under LFO, 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