Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold Purchases Purchases Unit Total Cost Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Unit Cost Inventory Quantity Quantity Purchased Inventory Total Cost Date 75 60 4,500 Apr. 1 57 18 60 3,420 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 75 units @ $60 10 Sale 57 units 15 Purchase 43 units @ $63 20 Sale 25 units 24 Sale 21 units 30 Purchase 30 units @ $66 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Sold Purchases Purchases Unit Total Cost Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Unit Cost Quantity Purchased Inventory Quantity Inventory Total Cost Date