Perpetual inventory using FFO Beginning imventory purchases, and sales data foe prepaid cell phones for December are as follows: Inventory Dec. 1320 units at $34 Sales Dec. 12.224 units 14.92 units 31.96 units Assume that the business maintains a perpetual imventory system, costing by the first-in, first-out method. Determine the cost of goods sold far each sale and the inventory balance after each sale, presenting the data in the form ilfustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit coet first in the Cost of Goods Sold Unit cost column and in the Invontory Unit Cost coluirin'. Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total cost Quantity Unit cost Total Cost Quantity Unit Cost Total cost