Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFOo, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25