Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 56 units at $70 10 Sale 39 units 15 Purchase 32 units at $74 20 Sale 22 units 24 Sale 12 units 30 Purchase 22 units at $78 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Unit Cost Inventory Quantity 56 Inventory Total Cost $3,920 Nov. 70 1 Nov. 70 2,730 17 70 1,190 10 Nov. 15 32 74 2,368 17 70 1,190 32 74 2,368 Nov. Quantity Sold 39 Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Quantity Purchased 32 Balances Purchases Unit Cost 74 Purchases Total Cost 2,368 Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Goods Sold Unit Cost 70 70 Quantity Sold 39 17 Cost of Goods Sold Total Cost 2,730 1,190 Inventory Quantity 56 17 17 32 Inventory Unit Cost 70 70 70 74 74 Inventory Total Cost 3,920 1,190 1,190 2,368 1,110 X 00 0 000 000 0000