Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 420 units at $31 Purchases Dec. 10 210 units at $33 20 189 units at $35 Sales Dec. 12 294 units 14 252 units 31 126 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sol 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 Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Dec. 31 Balances FIFO Method Prepaid Cell Phones 3 88 DQ 3

Perpetual inventory using FIFO Beginning inventory, purchases, and sales dota for prepald cell phones for December are as follows: Inventory Dec. 1.420 units at $31 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods s 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