Knowledge Check 01 9 Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April s April 10 April 15 April 20 April 22 $10 $12 $14 $16 10.14 $17 One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. nt Identify the cost of the ending inventory on the balance sheet. ences Cost of the ending inventory 5 55