Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales 420 units at $34 210 units at $36 Dec. 1 Dec. 10 Dec. 12 294 units 252 units Dec. 20 189 units at $38 Dec. 14 126 units Dec. 31 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determ ine the cost of 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. Schedule cf Cost of Goods Sold FIFO Method Prepaid Cell Phones Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Dec. 31 Balances