Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 77 units @ $47 10 Sale 62 units 15 Purchase 33 units $50 20 Sale 19 units 24 Sale 17 units 30 Purchase 26 units $53 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 Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First-out Method Portable Game Players Purchases Purchases Date Quantity Unit Purchased Cost Total Cost Quantity Cost of Merchandise Sold Cost of Cost of Merchandise Merchandise Sold Sold: Unit Cost Total Cost Inventory Inventory Inventory Unit Quantity Total Cost Cost Apr. 1 Apr. 10 Apr. 15 000