Perpetual Inventory Using LIFCo Beginning inventory, purchases, and sales data for portable DVD players are as follows: 47 units e s58 33 units 59 units @ $60 34 units 8 units 27 units $63 Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the last- in, first-out method Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ilustrated in Exhibit 4 Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unt cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Inventory Inventony Total Cost Cost of Merchandise SoldCost of Merchandise Sold Purchases Total Cost Quantity Sold Quantity Purchases Unit Cost Date Purdhased Unit Cost Apr Apr Unit Cost Total Cost 10 Apr 20 Previous Next nd Exit Submit Assignment for Grading 1