Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 4,100 units at $33 Purchases May 10 20 2,050 units at $35 1,845 units at $37 Sales May 12 14 31 2,870 units 2,460 units 1,230 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 Cost of Quantity Unit Date Purchased Cost May 1 Purchases Purchases Total Cost Cost of Merchandise Merchandise Merchandise Sold Sold Sold Quantity Unit Cost Total Cost Cost of Inventory Inventory Inventory Unit Quantity Cost Total Cost May 10 May 12 May 14 May 20 May 31 May 31 Balances 00000 B B B