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Perpetual Inventory Using Pro Beginning inventory. Durchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,000 units at 520 May 10 1,500 unitat 522 May 12 2.100 units May 20 1,350 units at 524 May 14 1,800 units May 31 900 Assume that the business maintains a perpetual inventory system costing by the first tout method. Determine the cost of merchandise sold for each sale and the entry balance after each sale, presenting the data in the form illustrated Exhibit. Under units are in inventory at two different costs, enter the units with the LOWER nicht first in the Cost of Merchandise Sold Unit Cost column and in the inventory Unit Cost column Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Purchases Cost of Nerchandise Cost of Merchandise Cost of Merchance Inventory Inventory Inventory Date Quantity Unit Cost Total Cost Sold Quantity Sold Unit CM Sold Total Cost Quantity Un Cost Focal Cost May 3,000 May 10 1.500 3.000 100000 1500 May 12 2.100 U 0 May 14 900 Previous Next Check My Work