Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 39 units o $95 10 Sale 28 units Purchase 17 units @ $99 20 Sale 18 units 24 Sale 5 units 30 Purchase 22 units $103 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 balance after each sale, presenting the data in the form illustrated 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 Unit Cost column and in the Inventory Unit Cost column Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Cost of Cost of Quantity Cost of Merchandise Sold Merchandise Sold Mer Merchandise Sold Unit Cost Total Cost Quantity Date Purchased Purchases Unit Cost Purchases Total Cost Inventory Ouantity Inventory Unit Cost Inventory Total Cost A s95 $ 2,660 17 $ 99 $ 1,683 Apr 22 103 2.200 Apr Balances