Perpetual Inventory Using LIFO

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

The business maintains a perpetual inventory system, costing by the last$-$in$,$ first$-$out method.

Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit $4.$

Schedule of Cost of Goods Sold

LIFO Method

DVD Players