Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year

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 Purchase Sale Purchase 4,000 units at $50 2,500 units 4,500 units at $54 5,000 units 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. 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 Cost of Goods Sold Cost of Goods Sold Date Jan. 1 Apr. 19 June 30 June 30 sept. 2 sept. 2 Nov. 15 Nov. 15 Dec. 31 Feedback Purchases Quantity 4,500 2,000 Balances Purchases Unit Cost 54 56 Purchases Total Cost x x Quantity 2,500 4,500 500 Unit Cost 50 54 50 Cost of Goods Sold Total Cost x x x x Inventory Quantity 4,000 1,500 x x 1,000 x x Inventory Unit Cost 50 50 50 54 50 50 56 Present the data in the form illustrated in Exhibit Inventory Total Cost x x x x x x x x