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Perpetual inventory using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:

Inventory

Dec. $1220$ units at $$40$

Sales

Dec. $12154$ units

$14132$ units

$3166$ units

Assume that the business maintains a perpetual inventory system, costing by the first$-$in$,$ first$-$o sold for each sale and the inventory balance after each sale, presenting the data in the form illu are in inventory at two different costs, enter the units with the LOWER unit cost first in the cos the Inventory Unit Cost column.

FIFO Method

Prepaid Cell Phones

Cost of Cost of Cost of