Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales dato for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory bolance after each sale, presenting the data in the form itustrated 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 Inventacy Unit Cost column. Perpetual Inventory Account First-in, First-out Method * Creck My Wos Note that this exeroise uses the perpetual irventory system. Firo means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchaset