Perpetual Inventory Using LIFO November 1 Inventory Beginning inventory, purchases, and sales data for DVD players are as follows: 57 units at $56 10 Sale 40 units 15 Purchase 71 units at $59 20 Sale 41 units 24 Sale 11 units 30 Purchase 24 units at $62 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Quantity Purchased Purchases Unit Cost Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances Schedule of Cost of Goods Sold LIFO Method DVD Players Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost