Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 90 units 10 Sale 15 Purchase 140 units at $28 110 units 20 Sale 40 units 24 Sale 30 Purchase 160 units at $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 inventorry 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 Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Quantity Purchased Quantity Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Ap. 120 1 Apr. 10 90 26 2,340 30 Apr. 15 140 28 3,920 30 140 Apr. 20 780 X 80 X 110 28 20 X Ap. 24 200 X 2,240X 28 20 40X 28 X 1,120 X Apr. 30 28 X 4,800 4,800 X 160 30 20 180 X Apr. 30 4,800 X 4,800X Balances