eBook Show NE HOW Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data folyvD players are as follows: November 1 Inventory 120 units at $39 Sale 90 units Purchase 140 units at $40 110 units Sale 45 units Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. 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. Cost of Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Goods Sold Unit Cost Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Nov. Nov. 10 20 Nov. NON Nov. Balances Check My Work Next All work saved. Empreinster 5