Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $71 10 Sale 42 units 15 Purchase 35 units at $74 20 Sale 23 units 24 Sale 14 units 30 Purchase 21 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Goods Sold Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Purchases Purchases Total Cost Quantity Sold Quantity Purchased Unit Cost Unit Cost Date 71 4,189 59 ov. I 1,207 17 71 71 2,982 42 Nov. 10 V 1,207 71 17 74 2,590 Nov. 15 35 74 2,590 35 V 1,207 74 17 71 Nov. 20 X 1,332 X 74 74 14 74 1,036 Nov. 24 74 1,638 Nov. 30 21 78 1,638 78 21 Nov. 30 Balances