Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,700 units at $20 May 10 1,850 units at $22 May 12 May 14 2,590 units 2,220 units May 20 1 ,665 units at $24 May 31 1,110 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 Purchases Date Purchases Unit Purchases Total Cost of Merchandise Sold Cost of Merchandise Sold Inventory Cost of Merchandise Sold Inventory Unit Inventory Total Quantity Cost Cost Quantity Unit Cost Total Cost Quantity Cost Cost May May 10 May 12 May 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 Purchases Date Purchases Unit Purchases Total Cost of Merchandise Sold Cost of Merchandise Sold Inventory Cost of Merchandise Sold Inventory Unit Inventory Total Quantity Cost Cost Quantity Unit Cost Total Cost Quantity Cost Cost May 1 May 10 May 12 100001 011 0 1,00011 ili II May 31 May Balances 31