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Perpetual inventory using LIFO

The following units of a particular item were available for sale during the calendar year:

Date	Line Item Description	Values
Jan. 1	Inventory	4,300 units at $40
Apr. 19	Sale	2,600 units
June 30	Purchase	4,800 units at $42
Sept. 2	Sale	5,800 units
Nov. 15	Purchase	1,800 units at $43

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

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.

Schedule of Cost of Goods Sold LIFO Method Purchases Purchases Purchases Date Quantity Unit Cost Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances Inventory Total Cost