EX 7-4Perpetual inventory using LIFOOBJ. 2, 3Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing bythe last-in, first-out method. Determine the cost of merchandise sold for each sale and theinventory balance after each sale, presenting thedata in the form illustrated in Exhibit 4. onol gnniEX 7-4 Perpetual inventory using LIFO s lo elinu gniwolloi orTOBJ. 2, 3Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing bythe last-in, first-out method. Determine the cost of merchandise sold for each sale and theinventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.balance,840 EX 7-3 Perpetual inventory using FIFOОBJ.2, 3Beginning inventory, purchases, and sales data for portable game players are as follows:Apr.1Inventory180 units at $4010Sale140 units15Purchase210 units at $4220Sale170 units24Sale60 units30Purchase240 units at $46WON SMThe business maintains a perpetual inventory system, costing by the first-in, first-outmethod.a. Determine the cost of the merchandise sold for each sale and the inventory balanceafter each sale, presenting the data in the form illustrated in Exhibit 3.b. Based upon the preceding data, would you expect the ending inventory to be higher orlower using the last-in, first-out method?

Name: EX 7-4Perpetual inventory using LIFOOBJ. 2, 3Assume that the business
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Description: EX 7-4Perpetual inventory using LIFOOBJ. 2, 3Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing bythe last-in, first-out method. Determine the cost of merchandise sold for each sale and theinventory balance after