Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:

Inventory		Purchases		Sales
August 1	4,200 units at $39	August 10	2,100 units at $41	August 12	2,940 units
		August 20	1,890 units at $43	August 14	2,520 units
				August 31	1,260 units

Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Quantity Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Unit Cost Aug. 1 Unit Cost 4,200 39 163,800 Aug. 10 Aug.12 Aug. 14 Aug. 20 Aug. 31 Aug. 31 Balances