Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 240 units at $78 180 units 280 units at $80 220 units 90 units 320 units at $86 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 s.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 Soild Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Morchandise Sol LIFO Method Portable DVD Purchases Unit Purchases Total Quantity Cost of Merchandise Sold UnitCost of Merchandise Sold TotalInventony Cot Inventory Unit Inventory Total Cod $78 Date uantty Sold Cot 240 18,720 un, 10 Jun