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 Inventory Sale Purchase Sale Purchase 4,200 units at $41 2,400 units 4,400 units at $43 4,800 units 2,100 units at $48 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 LIFO Method Cost of Goods Sold Purchases Date Quantity Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost