Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Inventory 45 units $40 Apr. 1 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 33 units 20 units $42 20 units 8 units 34 units @ $44 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 Quantity Date Quantity Unit Purchased Cost Purchases Purchases Total Cost Cost of Merchandise Sold Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Inventory Unit Cost Total Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 21 Apr. 30 Apr. 30 Balances B