Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 42 units @ $54 31 units 21 units @ $56 15 units 9 units 28 units @ $58 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory belance after each sale, presenting the data in the form ililustrated in Exhibit 3. a. 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 Unt Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Purchased Unit CostTotal Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Apr Check My Work 2 more Check My Work uses remaining. PreviousNext Email Instructor Save and Exit Submit Assignment for Grading