Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: 47 units $82 Apr. 1 10 Inventory Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 36 units 22 units $85 17 units 7 units 22 units $89 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 Cost of Cost of Quantity Purchases Purchases Unit Cost of Merchandise Merchandise Merchandise Inventory Inventory Total Sold Sold Unit Cost Sold Inventory Unit Total Total Cost Date Cost Purchased Cost Quantity Cost Cost 47 82 53,854 Apr. 1 Apr. 10 36 Apr. 15 22 85 1,870 2,952 82 902 22 15 1,870 11 902