Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for portable DVD players are as follows Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 120 units at $26 90 units 140 units at $28 110 units 40 units 160 units at $30 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, Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. If units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Schedule of Cost of Merchandise Sold LIFO Method Cost of Cost of ses Purchases Quantity Merchandise Sold Merchandise Inventory Inventory Inventory Total CostQuantity Unit Cost Total Cost Date Purchased Unit Cost Total Cost Sold Unit Cost Previous Next