Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Sales 220 units at $35 Dec. 10 Dec. 20 110 units at $37 99 units at $39 Dec. 12 Dec. 14 Dec. 31 154 units 132 units 66 units 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 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. Schedule of Cost of Goods Sold Purchases Quantity Purchases Unit Cost Purchases Total Cost Date Dec. 1 Dec. 10 110 37 4,070 FIFO Method Prepaid Cell Phones Cost of Cost of Goods Sold Goods Sold Quantity Unit Cost Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost Dec. 12 Dec. 14 Dec. 20 99 39 3,861 Dec. 31 Dec. 31 Balances 154 132 X