HOW Perpetual Inventory Using FIFO Print Item Beginning Inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,000 units at $28 May 10 2,000 units at $30 May 12 2,800 units May 20 1,800 units at $32 May 14 2.400 units May 31 1.200 units Assume that the business maintains a perpetual Inventory system, costing by the first in trut-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 . under FIFO. If units are in inventory at two different cost, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Volt Cost column Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchase Purchases Cost of Merchandise Cost of Merchandise Cost of Merchandise Inventory Date Inventory Inventory Quantity Unit Cost Total Cost Sold Quantity Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May 1 MY 10 0 May 12 Schce or Cost or hernance Son FIFO Method Prepaid Cell Phones Cost of Merchandise Cost of Merchandise Cont of Merchandise Sold Quantity Sold Unit Cost Sold Total Cost Date Purchases Unit Cost Purchases Total Cost Inventory Quantity 0 D ul III Balances