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Perpetual Inventory Using LIFO The following units of a particular item were available for sale...

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Accounting

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,900 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,400 units at $43 Sept. 2 Sale 5,000 units Nov. 15 Purchase 1,900 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4

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