Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 71 units $85 10 Sale 54 units 15 Purchase 39 units $89 20 Sale 23 units 24 Sale 30 Purchase 19 units 31 units 393 The business maintains a perpetual Inventory system, costing by the first in, first-out method. a. Determine the cost of the merchandise soud for each sale and the inventory bolonce after each sale, presenting the data in the form mustrated in Exhibit 3. Under Foro, ir 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 Quantity Cost of Merchandise Sold Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Inventory Unit Total Purchases Total Cet Inventory Quantity Duraced Date Perpetual Inventory Account First-In, First-out Method Portable Game Players Purchases Unit Cost Quantity Cost of Merchandise Sold Purchases Total Cost Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Date Inventory Quantity Inventory Inventory Unit Total Cost Cost Apr. 1 Apr. 10 54 4,590 X 1 Apr. 15 39 89 3,471 Apr. 20 23 X O 1 31 X HII NI dll al Apr. 24 19 Apr. 30 31 93 2,883 Apr. 30 Balances