Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 62 units at $40 10 Sale 48 units 15 Purchase 30 units at $42 20 Sale 19 units 24 Sale 15 units 37 units at $44 30 Purchase 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 Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Date Quantity Unit Cost Total Cost Nov. 1 62 2,180 Nov. 10 48 10 1.920 11 560 Nov. 15 30 1,260 14 560 10 10 10 30 12 1,260 Nov. 20 14 40 560 34X 12 1.128 X 1 X 10 X 160 x Nov. 24 15 12 630 1 12 42 X Nov. 30 37 44 1,628 1 X 12 42 X 377 1,629 X Nov. 30 Balances 3,270 X 8,001 X