Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 120 units at $39 November 1 10 Inventory Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 90 units 140 units at $40 110 units 45 units 160 units at $43 The business maintains a perpetual inventory system, costing by the last-in, first-out method Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unt Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Cost of Quantity Purchases Purchases Quantity Goods Sold Unit Cost Purchased Unit Cost Total Cost Sold Date Nov. 1 90 Nov. 10 Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost Previous Next