Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,100 units at $27 May 10 1,050 units at $29 May 12 1,470 units May 14 1,260 units May 20 945 units at $31 May 31 630 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of 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. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Unit Purchases Total Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Date Inventory Inventory Unit Inventory Total Quantity Cost Cost Quantity Cost Cost Quantity May 1 May 10 o May 12 May 14 I II I II II May 20 o o 10 000 III I 000 0Q May 31 May 31 Balances