Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 54 units e $91 10 Sale 38 units 15 Purchase 67 units e $9s Sale 37 units 20 Sale 24 10 units Purchase 40 units e $101 30 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 Cost of Merchandise Sold Total Cost Quantity Sold Cost of Merchandise Sold Purchases Unit Cost Purchases Total Inventory Quantity Inventory Unit Cost Inventory Total Quantity Purchased Date Unit Cost Cost Cost Aor 54 91 4,914 Apr. 10 3,458 91 1,456 38 91 16 Anr Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Merchandise Sold Inventory Total Cost Purchases Unit Purchases Total Inventory ntty Inventory Unit Cost Quantity Purchased Quantity Sold Cost of Merchandise Sold Date Cost Cost Total Cost Unit Cost Apr. 54 4,914 91 Apr. 10 91 V 1,456 V 16 38 91 3,458 p. 15 1,456 67 95 6,365 16 67 6365 Apr. 20 3.515 16 91 1456 95 95 V 30 24 10 X 91 X L20 X 10 x 910 x 91 Apr. 30 4,040V 40 101 2020 X 20 101 X Apr. 30 8,793 X Balance Feedhack Check My Work Note that this exercise uses the perpetual inventory system. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to 1800