akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 320 units at $36 Dec. 10 160 units at $38 Dec. 12 224 units Dec. 20 144 units at $40 Dec. 14 192 units Dec. 31 96 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Purchases Purchases Purchases Cost of Goods Cost of Goods Cost of Goods Inventory Inventory Inventory Quantity Unit Cost Total Cost Sold Quantity Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Dec. Date Dec. 10 Dec. 12 Dec. 14 + takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Goods Cost of Goods Cost of Goods Sold Quantity Sold Unit Cost Sold Total Cost Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. Dec. 10 Dec. 12 Check My Work 3 more Check My Work uses remaining, Email Instructor Save and Exit All work saved. Submit Assignment for Grading