Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 54 units at $84 10 Sale 38 units 15 Purchase 68 units at $88 $ 20 Sale 37 units 24 Sale 11 units 30 Purchase 37 units at $92 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 54 84 4,536 Nov. 10 38 84 3,192 16 84 1,344 Nov. 15 68 88 5,984 16 84 1,344 68 88 5,984 Nov. 20 37 88 3,256 16 84 1,344 21 x 88 1,848 X Nov. 24 11 88 968 16 84 1,344 Nov. 30 37 92 3,404 16 84 1,344 Nov. 30 Balances 7,416