Perpetual inventory using LIFO

The following units of a particular item were available for sale during the calendar year:

Jan. $1$

Inventory

$4,000$ units at $$50$

$.19$

Sale

$2,500$ units

June $30$

Purchase

$4,500$ units at $$54$

Sept. $2$

Sale

$5,000$ units

Nov. $15$

Purchase

$2,000$ units at $$56$

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

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

$4,000$

$50$

$200,000$

Date

Jan. $1$

$.19$

June $30$

June $30$

Sept. $2$

Sept. $2$

Nov. $15$