Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $40 Apr. 19 Sale 2,600 units June 30 Purchase 4,700 units at $43 Sept. 2 Sale 5,100 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 Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Quantity Unit Cost Purchases Unit Cost Inventory Unit Cost Date Quantity Total Cost Total Cost Quantity 3,900 40 Jan. 1 2,600 Apr 19 + 40 40 104,000 40 Tune 30 4,700 43 202,100 Sept. 2 Nov. 15 2,200 46 101,200 Dec. 31 Balances antity Unit Cost Total Cost 3,900 $ 40 V $ 156,000 40 40 . $