Perpetual inventory using FIFO Eeginning inventory, purchases, and sales data for prepaid celf phones for December are as follows: Assume that the business mgintains 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 llustrated 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 Goods Sold Unit Cost column and in the Imventory Unit Cost column. FIFo Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Dec: 1 Dec 10 Dec. 12 Dec 14 Dec. 20 Dec 31 DeC 31 Balances