Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 37 units @ $40 10 Sale 27 units 15 Purchase 21 units @ $42 20 Sale 16 units 24 Sale 9 units 30 Purchase 40 units @ $44 The business maintains a perpetual Inventory system, costing by the first in, first-out method. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Purchases Unit Total Cost Cost Inventory Inventory Unit Total Cost Cost Inventory Quantity 37 Date 40 $1,480 Apr. 1