Perpetual Inventory Using Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows Inventory Purchases Sales Dec. 1 320 units at $29 Dec. 10 160 units at $31 Dec 12 224 units Dec 20 144 units at $33 Dec 14 192 units Dec 31 96 units Assume that the business maintains a perpetual inventory system, costing by the first-in, Srst out med. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the fo Bustrated in the Under FIFO, units are in inventory at two different costs, enter the units with the LOWER Cost fist in the cost of Goods Sold Unit Cost come and in the Inventory Unit Cost column Schedule of Cost of Goods Sold FIFO Method Prepaid Cat Phones Purchases Purch Unit Purchases Total Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Total Inventory Inventory Unit ventory Top Quantity Cost Quantity Cast Cost Quantity Cost Dec. 1 Dec 10 0 Dec 12 Dec 14 Oreck My Worm Crew Previous Purchases Unit Cast Purchases Total Cost of Goods od cele Costcode Cost Cost of Good Total! MOD00 000