Perpetual Inventory Using FIFO Baginning inventory, purchases, and sales data for poitable game players are as follawst The business maintains a perpetual inventory system, costing by the first-in, first-out mothod, a. Determine the cost of the merchandise sold for each sale and the inventory balance after each saie, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two dfferent costs, anter the unite with the LoweR unit coit firat in the Cost of Merchandise Sold Unit Coat column and in the Inventory Unit Cost column