Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apt 1 Inventory 76 units 573 10 Sale 49 units 15 Purchase 43 units $76 20 Sale 36 units 24 Sale 26 units 30 Purchase 36 units @ $79 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 J. Under Firo, 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 Purchases Purchases Cost of Unit Total Merchandise Sold Cost Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Quantity Inventory Inventory Unit Total Cost Cost Quantity Date Purchased Apr 1 Apr 10 An 15