Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players Apr. 1 Inventory 51 units @ $60 10 Sale 34 units 62 units @ $64 15 20 24 Purchase Sale Sale 36 units 11 units 30 Purchase 36 units @ $68 The business 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 4. Under LIFO, If units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Apr Under LIFO, units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Quantity Purchases Purchases Ouantity Cost of Merchandip Cost of Merchandise Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Quantity Unit Cost Total Cost A Balance ( Previous Next > Check My Work 2 more Check My Work uses remaining 29 PM o d 9 e RAM