Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 40 units @ $67 Apr. 1 10 Inventory Sale 15 Purchase 20 Sale 24 30 Sale Purchase 28 units 20 units $71 18 units. 11 units 36 units $74 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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 Um Cost column and in the Inventory Unit Cost column.