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

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When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to record the cost of the merchandise sold. LIFO means the last units