Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Sept. 2 Purchase 4,400 units at $44 Sale 5,200 units Nov. 15 Purchase 1,800 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods 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 LIFO, 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. Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 4,400 44 193,600 Sept. 2 Nov. 15 Dec. 31 Balances 1,800 46 82,800 Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 3,800 41 $ 155,800 2,600 41 106,600 1,200 41 49,200 1,200 41 49,200 4,400 44 193,600 4,400 44 193,600 3,600 41 800 41 32,800 41 1,800 46 82,800 333,000