Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchases Sales Inventory 3,300 units at $26 1,650 units at $28 2,310 units May 1 May 10 May 12 1.485 units at $30 1,980 units May 20 May 14 990 units May 31 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of 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. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Quantity Purchases Total Cost Cost of Merchandise Sold Quantity Purchases Unit Cost Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Date May 1 May 10 May 12 May 14 May 20 May 31 May 31 Balances