Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 80 units @ $81 10 Sale 53 units 37 units a $86 15 Purchase 20 Sale 32 units 24 Sale 22 units 30 Purchase 34 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 Purchases Unit Cost Quantity Cost of Merchandise Sold Purchases Total Cost Quantity Purchased Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Unit Cost Inventory Quantity 30 Inventory Total Cost Date Apr. 1 31 6,480 Apr. 10 53 Apr. 15 37 B6 3.182 Apr. 20 X Apr. 24 22 89 Apr. 30 34 3,026 Apr. 30 Balances