Perpetual Inventory Using FIFO Beginhing inventory, purchases, and soles date for portable game ployers are as followst 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 itlustrated 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