Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows November 11 10 Inventory Sale 61 units at $97 45 units 15 Purchase 73 units at $101 20 Sale 42 units 24 Sale 10 units 30 Purchase 20 units at $106 The business maintains a perpetual inventory system, costing by the last-in, first-out method Determine the cost of goods sold 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 Schedule of Cost of Goods Sold LIFO Method DVD Players Quantity Purchases Purchases Purchased Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 73 1333 Nov. 20 Nov. 241 Nov. 30 20 Nov. 30 Balances Cost of Cost of Quantity Goods Sold Sold Unit Cost Total Cost Goods Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost 97 5917 V 4.365 16 97 301 4341 101 15 97 1381 97 7373 9 1,553 1.13 TAM