Perpetual Inventory UsingLIFO

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: Total Cost Total Cost Jan. I Apr. lg June 30 sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,100 units at $41 2,500 units 4,600 units at $44 5,200 units 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. two or more different costs, enter the units with the LOWER unit cost first in the Inventory unit Cost column. LIFO Method Purchases Unit Cost Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at Total Cost Date Jan. I Apr. 19 June 30 sept. 2 Quantity Balances Quantity Cost of Goods Sold Unit Cost Quantity Inventory Unit Cost Nov. Dec. 15 31