Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows Inventony Dec. 1 Sales Dec. 12 224 units Dec. 14192 units Dec. 31 96 units 320 units at $26 Dec. 10 160 units at $28 Dec. 20 144 units at $30 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form lustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Unit Purchases Total Cost of Goods Sold Cost of Goods Sold U Cost Unit Cost of Goods Sold Total Inventory Inventory Unit Inventory Total Cost Date Purchases Cost Cost Cost Cost 10 12 Dec 14 Dec. 20 144 units at $30 Dec. 14 192 units Dec. 3196 units ssume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory alance 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 un ost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Date Purchases Purchases Unit Purchases Total Cost of Goods Sold Cost of Goods Sold Unit Cost of Goods Sold Total Inventory Cost Invertory Unit Cost Inventory Total Cost QuantityCost Cost Quantihy Cost Quantity 10 12 Dec. 14 31 Dec. Baiances 31