Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale 3,800 units at $39 2,300 units June 30 Sept. 2 Purchase 4,500 units at $44 Sale 4,900 units Nov. 15 Purchase 2,200 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. LIFO Method Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Jan. 1 3,600 X $ 39 Apr. 19 2,000 X 39 78,000 X 1,600 X 39 $ 140,400 X 62,400 X June 30 4,900 X 42 X 205,800 X 1,600 X 39 62,400 X June 30 4,900 X 42 X 205,800 X Sept. 2 4,900 X 42 X Sept. 2 500 X 39 205,800 X 19,500 X 1,100 39 42,900 Nov. 15 1,800 X 44 X 79,200 X 1,100 39 42,900 Nov. 15 1,800 X 44 X 79,200 X Dec. 31 Balances 303,300 122,100 X