Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows:

Apr. 1 Inventory 38 units @ $98 10 Sale 32 units 15 Purchase 49 units @ $104 20 Sale 28 units 24 Sale 7 units 30 Purchase 23 units @ $108

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.