"erpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 39 units @ $95 Sale 28 units Purchase 17 units @ $99 Sale 18 units Sale 5 units 30 Purchase 22 units @ $103 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenti data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Quantity Purchases Purchases Date Cost of Merchandise Merchandise Inventory Purchased Unit Cost Total Cost Merchandise Sold Unit Sold Total Quantity Sold Cost Check My Work Previous Next