Perpetual Inventory Using FIFO

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

Inventory		Purchases		Sales
July 1	3,800 units at $28	July 10	1,900 units at $30	July 12	2,660 units
		July 20	1,710 units at $32	July 14	2,280 units
				July 31	1,140 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 Purchases Tota Cost of Merchandise Sold Cost Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Inventory Cost Quantity 3800 Inventory Unit Cost $28 Inventory Total Cost Purchases Quantity Purchases Unit Cost Cost Date Quantity $106400 uly 1 July 10 July 12 July 14 July 20 July 31 July 31