Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 2,700 units at $26 Purchases May 10 May 20 Sales 1,350 units at $28 1,215 units at $30 May 12 1,890 units May 14 1,620 units May 31 810 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date Purchases Quantity Purchases Unit Purchases Total Cost of Merchandise Sold Cost Cost Quantity Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Inventory Total Cost May 1 May 10 May 12 May 14 May 20 May 31 May 31 Balances Q 11 11 0 00 00 000 00 0 Doooo ooo o 000 OQ