Calculator May 12 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,100 units at $27 May 10 2,050 units at $29 2,870 units May 20 1,845 units at $31 May 14 2,460 units May 31 1,230 units Assume that the business maintains a perpetual inventory system, costing by the first-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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Purchases Cost of Cost of Purchases Date Merchandise Sold Inventory Inventory Quantity Inventory Merchandise Sold Unit Cost Merchandise Sold Total Cost Unit Cost Quantity Total Cost Quantity Unit Cost Total Cost Purchases May 1 May 10 May 12 Previous Next C Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Merchandise Sold Merchandise Sold Merchandise Sold Quantity Unit Cost Total Cost Purchases Quantity Purchases Unit Cost Inventory Quantity Purchases Total Cost Date Inventory Unit Cost Inventory Total Cost May 1 May 10 May 12 1 May 14 11 0 0 8 III. VII Qulll ll 0 001 II 0 May 20 May 31 May 31 Balances