Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 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 first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Unit Total Date Quantity Cost Cost Jan. 1 Apr. 19 Total Cost Cost Quantity Unit Inventory Unit Cost Pua Total Cost Nov. 15 Purchase 2,000 units at $46 nim maintains a perpetual inventory system. Determine the cost of goods sold for each me inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Goods Sold un Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory Unit Total Unit Total Unit Total Quantity Cost Quantity Cost " Cost Cost Jan. 1 Apr. 19 I I Date Quantity Cost Cost June 30 June O O Sept. Nov. Dec. 31 Balances 8 more Check My Work uses remaining, Perpetual Inventory Using LIFO Following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 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 Exhibit 4. Under LIFO, 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. Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Inventory Unit Total Unit Total Unit Date Quantity Cost Quantity Cost Cost Quantity Costa Cost Total Cost Jan. 1 anr 191 more different costs, enter the units with the LUULI column. Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Unit Total Unit Total Date Quantity Cost + Quantity Cost Cost Inventory Unit Total Cost Cost " Cost Jan. 1 Apr. 19 June 30 Sept. Nov. 15 Dec. Balances 31 8 more Check My Work uses remaining