Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 5.

In Exercise 6-3

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1 ............... Inventory .................. 240 units at $78

10 .....................Sale ................................. 180 units

15 .................... Purchase ................... 280 units at $80

20 .................... Sale ................................. 220 units

24 .................... Sale ................................... 90 units

30 .................... Purchase ................... 320 units at $86