Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,700 units at $37 May 10 850 units at $39 May 12 1,190 units May 20 765 units at $41 May 14 1,020 units May 31 510 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 Purchases Cost of Cost of Cost of Inventory Inventory Inventory Quantity Merchandise Sold Merchandise Sold Merchandise Sold Unit Cost Total Cost Unit Cost Quantity Unit Cost Quantity Total Cost Total Cost May Date S 1 May 10 May 12 lllll lll llll 101 I ll May 14 May 20 May 31 11 8 May 31 Balances