LOOK Show Me How Perpetual Inventory Using Pro Beginning inventory purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 120 units at $33 Dec. 10 60 units at $35 Dec 12 84 units Dec. 20 S4 units at $37 Dec. 14 72 units Dec. 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method. 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 Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Quantity Unit Cost Total Cost Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec 1 Dec 10 Dec 12 Dec 14 III I II I IIIIII O 1100011 DII DO III 0 Dec 20 . II DIO Dec 3 Dec 31 Balance