Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 70 units @ $84 46 units 10 15 Sale Purchase 89 units @ $87 20 Sale 52 units Sale 14 units 30 Purchase 37 units @ $92 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 Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Total Cost Cost Sold Total Cost Quantity Cost Date Purchased Apr. 1 Apr. Apr. 15 Publ1111111 P000000000000 Apr. Balance 30 EXHIBIT 4 Entries and Perpetual Inventory Account (LIFO) Item 127B Jan. 4 Accounts Receivable Sales 4 Cost of Merchandise Sold Merchandise Inventory 21,000 21,000 14,000 14,000 Cost of Merchandise Sold Purchases Inventory Unit Cost Total Cost Unit Cost Total Cost Unit 11,200 Date Quantity Quantity Cost 10 Merchandise Inventory Accounts Payable 11,200 Jan. 1 Quantity 1,000 300 700 20.00 14,000 10,800 500 22.40 11,200 300 10,800 Total Cost 20,000 6,000 6,000 11,200 6,000 3,136 4,000 22 Accounts Receivable Sales 22 Cost of Merchandise Sold Merchandise Inventory 500 20.00 20.00 20.00 22.40 20.00 22.40 20.00 8,064 360 22.40 8,064 300 8,064 140 200 140 100 22.40 20.00 3,136 2,000 7,200 7,200 28 Accounts Receivable Sales 28 Cost of Merchandise Sold Merchandise Inventory 30 600 23.30 13,980 200 600 20.00 23.30 5,136 4,000 13,980 17,980 5,136 81 Balances 27,200 13,980 30 Merchandise Inventory Accounts Payable 13,980 Cost of merchandise sold January 31 Inventory