Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 35 units @ $78 Sale 28 units Purchase 44 units @ $81 25 units 20 24 30 Sale Sale 7 units Purchase 40 units @ $84 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 Portable Game Players Quantity Cost of Merchandise Cost of Merchandise Sold Sold Unit Cost Sold Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. Apr. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Quantity Cost of Merchandise Cost of Merchandise Sold Sold Unit Cost Sold Total Cost Date le Apr. Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 11001 20. Balance