Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 420 units at $24 Dec. 10 210 units at $26 Dec. 12 294 units Dec. 20 189 units at $28 Dec. 14 252 units Dec. 31 126 units Assume that the business maintains a perpetual inventory system, costing by the first-In, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Bahibit 3. Linder FIFO, 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 of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Date Total Cost Dec. 1 30 24 7 Dec. 10 210 5460 Unit Cost 1 26 Dec 12 Dec. 14 888 Dec. 20 IM 24 1