Question: NEED HELP ASAP Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales

NEED HELP ASAPNEED HELP ASAP Perpetual Inventory Using FIFO Beginning inventory, purchases, and salesdata for prepaid cell phones for May are as follows: Inventory Purchases

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,600 units at $28 May 10 800 units at $30 May 12 1,120 units May 20 720 units at $32 May 14 960 units May 31 480 units 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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. EBOOK Show Me HOW Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date Purchases Quantity Cost of Cost of Purchases Purchases Merchandise Sold Merchandise Sold Unit Cost Total Cost Quantity Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1 May 10 May 12 May 14 May 20 - May 31 May 31 Balances

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