Perpetual Irventory Using HITO Beginning inventory, purchases, and sales data for prepaid cell phones for Mory are as follows: Assume that the business maktasis a perpetual inventory system, costing by the first-in, first-out method, Determine the cost of merchand se sold for each sale and the ienventary baiance after coch 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 wath the LCWEK unit cont first in the Cost of Merchandibe Sold Uent Cost column and in the tnventory Unit Cost column Aswunt that the busimess mumtains a perpetual inventory system, costing by the first-in, firt-out inethed. Determine the cost of merchandise sold for each sale and the-. Wie iougen indt cost first in the Coest of thenchandise Sold unt Coit column and in the Invertory Unit Cost colume