Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 77 units @ $78 Inventory Sale 54 units Purchase 101 units @ $81 58 units 20 24 30 Sale Sale Purchase 16 units 21 units @ $85 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 Date Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Apr. Apr. Balance 30