Perpetual inventory using LIFOThe following units of a particular item were available for sale during the calendar year:DateLine Item DescriptionUnits and CostJan. $1$Inventory$4,000$ units at $$50$Apr. $19$Sale$2,500$ unitsJune $30$Purchase$4,500$ units at $$54$Sept. $2$Sale$5,000$ unitsNov. $15$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 MethodDatePurchasesQuantityPurchasesUnit CostPurchasesTotal CostCost of Goods SoldQuantityCost of Goods SoldUnit CostCost of Goods SoldTotal CostInventoryQuantityInventoryUnit CostInventoryTotal CostJan. $1$ fill in the blank $1$fill in the blank $2$fill in the blank $3$Apr. $19$ fill in the blank $4$fill in the blank $5$fill in the blank $6$fill in the blank $7$fill in the blank $8$fill in the blank $9$June $30$fill in the blank $10$fill in the blank $11$fill in the blank $12$ fill in the blank $13$fill in the blank $14$fill in the blank $15$June $30$ fill in the blank $16$fill in the blank $17$fill in the blank $18$Sept. $2$ fill in the blank $19$fill in the blank $20$fill in the blank $21$fill in the blank $22$fill in the blank $23$fill in the blank $24$Sept. $2$ fill in the blank $25$fill in the blank $26$fill in the blank $27$ Nov. $15$fill in the blank $28$fill in the blank $29$fill in the blank $30$ fill in the blank $31$fill in the blank $32$fill in the blank $33$Nov. $15$ fill in the blank $34$fill in the blank $35$fill in the blank $36$Dec. $31$Balances fill in the blank $37$ fill in the blank $38$