Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: 4,000 units at $40 2,500 units Jan. 1 Apr. 19 Inventory Sale Purchase 4,500 units at $44 Sale 5,000 units Purchase 2,000 units at $46 June 30 Sept. 2 Nov. 15 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. Schedule of Cost of Goods Sold Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec 31 Balances Check My Work 2 more Check My Work uses remaining. LIFO Method Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Previous