Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 39 units at $57 Nov. 1 10 Inventory Sale 29 units 15 Purchase 49 units at $60 20 Sale 28 units 24 Sale 8 units 30 Purchase 20 units at $64 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Exhibit 4 Entries and Perpetual Inventory Account (LIFO) Item 1278 Jan. 4 Accounts Receivable 21,000 Sales 21,000 Purchases Cost of Goods Sold 4 Cost of Goods Sold 14,000 Inventory Inventory 14,000 Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 10 Inventory 11,200 Jan. 1 1,000 20.00 20,000 Accounts Payable 11,200 -4 700 20.00 14,000 300 20.00 6,000 10 500 22.40 11,200 300 20.00 6,000 22 Accounts Receivable Sales 500 22.40 11,200 10,000 10,800 22 360 22.40 8,064 300 20.00 6,000 22 Cost of Goods Sold 8,064 140 22.40 3,136 Inventory 8,064 28 140 22.40 3,136 200 20.00 4,000 100 20.00 2,000 28 Accounts Receivable 7,200 30 600 23.30 13,980 200 20.00 4,000 Sales 7,200 600 23.30 13,980 28 Cost of Goods Sold 5136 31 Balances 27,200 17,980 Inventory $136 30 Inventory 13,980 Accounts Payable 13,980 Cost of goods sold January 31 Inventory Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 LIFO Method DVD Players Cost of Quantity Purchases Purchases Quantity Goods Sold Purchased Unit Cost Total Cost Sold Unit Cost Nov. 30 Balances Cost of Goods Sold Inventory Total Cost Quantity Inventory Inventory Unit Cost Total Cost (