1. Perpetual Inventory Using LIFO

   Beginning inventory, purchases, and sales data for portable game players are as follows:

   Apr. 1		Inventory	39 units @ $82
   10		Sale	28 units
   15		Purchase	48 units @ $87
   20		Sale	27 units
   24		Sale	7 units
   30		Purchase	39 units @ $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 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 Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
   Apr. 1								$	$
   Apr. 10					$	$
   Apr. 15		$	$
   Apr. 20
   Apr. 24
   Apr. 30
   Apr. 30	Balance					$			$