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 3,900 units at $40 2,300 units Purchase 4,400 units at $45 Sale 4,800 units Purchase 1,900 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 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Jan. 1 3,900 Apr. 19 2,300 June 30 4,400 45 198,000 Sept. 2 Nov. 15 1,900 V 48 91,200 Dec. 31 Balances Total Cost 40 $ 156,000 198,000 91,200