Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Inventory 4,000 units at $40 Sale Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Purchase Sale Purchase 2,500 units 4,500 units at $44 5,000 units 2,000 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 Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances Chapter 6 HW Ir item were available for sale during the calendar year: s at $40 is at $44 s at $46 hventory system. Determine the cost of goods sold for e after each sale, assuming the last-in, first-out Torm illustrated in Exhibit 4. Under LIFO, if units are in ht costs, enter the units with the LOWER unit cost first in Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Total Cost Quantity Unit Cost Total Cost Inventory Unit Cost Quantity Total Cost