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Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Total cost Jan. 1 Apr. 19 June 30 sept. 2 Nov. 15 Inventory sale Purchase sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated 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 Inventory unit Cost column. st Me a se FIFO Method Purchases unit Cost Cost of Merchandise Sold unit Cost Inventory Unit Cost Date Jan. 1 Apr. 19 June 30 sept. 2 Nov. 15 Dec. 31 Quantity 1,000 Balances Total cost 25,000 Quantity 2,500 50,000 154,400 Quantity 4,000 1,500 1,500 7,500 x Total cost 80,000 30,000 30,000 174,000 94,000 x