Perpetual Inventory Using LITO The fallowing 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 3,800 units at $41 2,500 units Purchase 4,600 units at $45 Sale 4,900 units Purchase 1,800 units at $48 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 ustrated 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. Schedule of Cost of Goods Sold LIFO Method Date Quantity Purchases Unit Cost Total Cost Quantity Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr 19 June 30 Sept. 21 Check My M June 30 Sept. 2 Nov. 15 Purchase 4,600 units at $45 Sale 4,900 units Purchase 1,800 units at $48 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 ustrated 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 Schedule of Cost of Goods Sold Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 LIFO Method Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost June 30 Sept. 21 Nov. 15 Dec. 31 Balances Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan, 1 Apr. 191 June 30 Sept. 2 Nov. 15 Inventory 3,800 units at $41 Sale 2,500 units Purchase 4,600 units at $45 Sale 4,900 units Purchase 1,800 units at $48 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 ustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more efferent costs, enter the units with the LOWER unit cost first in the Inventory Unit Cast column Schedule of Cost of Goods Sold Punases Date Quantity Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 LIFO Method Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Sept. 2 June 30 Sept. 2 Nov. 15 Purchase 4,600 units at $45 Sale 4,900 units Purchase 1,800 units at $48 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 firm ilustrated 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. Schedule of Cost of Goods Sold LIFO Method Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 Sept. 21 Nov. 15 Dec. 31 Balances Accounting numeric field Cost of Goods Sold Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost