January 1 January 12 Balance: 30 units @ $35 per unit Purchases: 40 units @ $36 per unit January 24 January 28 Purchase Return Sales: 3 units@ $36 per unit 50 units @ $50 per unit The company uses the last in first out (LIFO) method of accounting for inventory. All purchases and sales are done on account. Record all required entries related to inventory movement in order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31