Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,300 units at $30 May 10 1,650 units at $32 May 12 2,310 units May 20 1,485 units at $34 May 14 1,980 units May 31 990 units Assume that the business maintains a perpetual inventory system, sting by the first in first-out method. Determine the cost of merchandise sold for each sale and the entory balance after each salt, presenting the data in the form istrated in the Under Firo, 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 Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Cost of Cost of Cost of bate Purchases Purchases Merchandise Inventory Quantity Merchandise Merchandise Unit Cost Total Cost Sold Quantity Inventory Inventory Sold Unit Cost Quantity Sold Total Cost Unit Cost Total Cost MAY 1 May 10 11 10101 12 100001 01 May Cho My Won Previous All work saved Em Svend Sun Augen for Gone MacBook Air