Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,900 units at $23 May 10 May 12 2,730 units 1,950 units at $25 1,755 units at $27 20 14 2,340 units 31 1,170 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, If units are in invento 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 inventory balance after each sale, presenting the the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two di 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 Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Quantity Unit Cost Total Cost Purchases Purchases Unit Total Cost Cost Quantity Purchased Inventory Quantity Inventory Inventory Unit Total Cost Cost Date May 1 May 10 May 12 May 14 I DDDDDDD May 20 I o May 31 u May 31 Balances