Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 64 units $44 10 Sale 42 units 77 units $46 15 Purchase 20 Sale 42 units 24 Sale 12 units 30 Purchase 27 units $48 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 Purchases Quantity Purchases Quantity Cost of Merchandise Date Cost of Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost