Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 49 units @ $52 10 Sale 32 units Purchase 63 units @ $55 36 units Sale 24 Sale 9 units 30 Purchase 24 units @ $58 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 Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Purchases Unit Cost Purchases Total Cost Quantity Sold Date Quantity Purchased Apr. 1 Inventory Unit Cost $ 52 Apr. 10 32 $ 52 $1,664 Inventory Total Cost $2,548 884 3,465 x 52 Apr. 156 3 $ 55 $3,465 X X 884 x Apr. 20 1,980 X X 1,485 X 884 x 990 X Apr. 24 9 55 495 X 99 X 884 X Apr. 30 24 58 1.392 X 55 990 884 X x X > 58 1,392 $ 3,266 Apr. 30 Balance $ 4,139 X