Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,200 units at $25 May 10 1,100 units at $27 May 12 1,540 units May 20 990 units at $29 May 14 1,320 units May 31 660 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date Purchases Purchases Purchases Cost of Merchandise Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Quantity Unit Cost Total Cost Sold Quantity Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost