Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan ! Inventory 4,000 units at $20 Apr. 19 Sale 2.500 units June 30 Purchase 5,000 units at 324 Sept. 2 Sale 4.500 units Nov. 15 Purchase 1.000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last in first out method. Pre data in the form lilustrated in Exhibit 4. Under LIFO, If units are in inventory at two or more offerent cost enter the units with the LOWER unit cost first in the inventory Unt Cost calum Schedule of Cost of Merchandise Sold LIFO Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity uit Cost Total con 4,000 $ 20 30,000 2.500 20 50,000 1,500 30.000 Apt. 19 1.500 20 JO 24 5,000 144.000 June 30 1,000 20 10000 turprogresso Purchase 1.000 units 525 The firm maintains a perpetual Inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, auming the last in, first-out method. Present the data in the form ustrated in Exhibit 4. Under uro, units are inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Un Cost column Purchases Unit Cost LIF Method Cost of Merchandise Saw Unit Cost Total cost Quantity Total Cost Quantity A 19 4.000 20 10,000 2,500 20 50,000 1,500 20 10,000 10,000 6,000 24 100,000 144,000 1,500 20 10000 1,000 24 144,000 Sept, a 4,500 24 100.000 Nov 15 1,000 25 125.00 25,000 Doc sances 150.000