Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable game players are as follows:

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 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. Schedule of Cost of Merchandise Sold LIFO Method