Assume that the business in Exercise 6-9 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.

Data From Exercise 6-9

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

         Jan.      1           Inventory        4,000 units at $20
         Apr.    19               Sale             2,500 units
         June   30          Purchase          6,000 units at $24
         Sept.    2               Sale              4,500 units
         Nov.   15          Purchase          1,000 units at $25

The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.

Exhibit 5:

Exhibit 4: