Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: 180 units at $40 Apr. 1 10 Inventory Sale 15 Purchase 20 Sale 24 30 Sale Purchase 140 units 210 units at $42 170 units 60 units 1 240 units at $46 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 Kthe Inventory Unit Cost column. Quantity Perpetual Inventory Account LIFO Method Portable Game Players Cost of Cost of Merchandise Merchandise Sold Total Cost Date Purchased i Purchases Purchases Quantity Unit Cost Total Cost Sold Sold Unit Cost Apr. 1 Apr. 10 Inventory Inventory Inventory Quantity Unit Cost Total Cost Apr. 15 Apr. 201 Check My Work Previous Next >