Beginning inventory, purchases, and sales data for portable MP3 players are as follows:

The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.objs. 4, 5

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Nov. 1 5 Inventory Sale 52 units 70 units at $40 16 Purchase 30 units at $42 21 Sale 24 Sale 30 Purchase 24 units 8 units 14 units at $45