Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 58 units at $79 10 Sale 43 units 15 Purchase 31 units at $84 20 Sale 20 units 24 Sale 20 units 30 Purchase 39 units at $89 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Nov. 24 Nov. 30 0 First-in, First-out Method DVD Players Nov. 30 Balances

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