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ng data the prepat vak mpinyons fo im 0 0 II 1 0 0 0 0 m BUNDAN Perpetual Inwentory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases May 10 1,200 units at $25 600 units at $27 Sales May 12 840 units May 14 720 units 300 units May 20 540 units at $29 May 31 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 safe and the inventary balance after sah salt, pe form ustrated in Exhibit 3, Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unt cost first in the Cost of Merchandise Sold Unit Cost core and at the treenery Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Quantity Purchases Unit Cost Date Purchases total Cost Cost of Merchandice Sold Quantity Cost of Marchandise Sold Unt Cost Cost of Merchandon Sold Total bwenery Cost May 1 May 10 May 12 May 100000 00