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 $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 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 | 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 Purchases Unit Date Quantity Total Quantity Unit Total Quantity Inventory Unit Cost Cost Costa cost Cost Total Cost Jan. 1 Apr 10 The firm maintains a perpetual inventory system. Determine the CUSU UI JUU sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated by 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 Purchases Unit Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Total Unit Total Quantity Cost Cost Inventory Unit Quantity Cost Date Quantity Cost Total Cost Cost L Jan. 1 Apr. 19 June 30 Sept. Nov. Dec. Balances 8 more Check My Work uses remaining