Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains o perpetual inventory system, cosang by the last-in, first-out method. Determine the cost of merchandise sold for each sole and the inventory balance after each sale, presenting the data in the form illustrated in Exhibi 4 . Under LFO, if units are in inventory at two different costs, enter the unins with the HIGHER unit cost first in the Cost of Werchandise Sold Unit Cost columh and LOWER unit cost first in the Inventory Unit cost column. it cost first in the Inventory Unit Cost column