Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 10 15 20 24 30 Inventory Sale Purchase Sale Sale Purchase 120 units at $39 90 units 140 units at $40 110 units 45 units 160 units at $43 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 Cost of Goods Sold Unit Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Quantity Sold Purchased Cost Nov. 1 10 15 Nov 20 Nov. 24 30 Balances 30