Perpetual Inventory Using LIFo Beginning inventory, purchases, and sales data for portable DVD players are as follows: 120 units at $26 90 units 140 units at $28 110 units 40 units 160 units at $30 Apr. Inventory 10 15 20 24 30 Sale Purchase Sale Salc 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 illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit 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 Date Apr. 1 Apr. 10 Apr. 15 Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr, 20 Apr. 24 Apr. 30 Apr. 30 Balances