Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 71 units @ $80 10 Sale 50 units 15 Purchase 31 units @ $84 20 Sale 25 units 24 Sale 20 units 30 Purchase 24 units @ $88 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, 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 Cost of Merchandise Merchandise Inventory Inventory Purchases Purchases