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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $88 49 units Sale 34 units at $92 20 Purchase Sale Sale 14 units 23 units 30 Purchase 34 units at $96 The business maintains a perpetual inventory system, costing by the first-in, first-out method. The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each 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 with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Cost of Goods Sold Goods Sold Unit Cost Total Cost Date Nov. 1 Inventory Quantity 59 10 10 Inventory Unit Cost 88 88 88 Inventory Total Cost 5,192 880 880 Nov. 10 49 88 4,312 Nov. 15 34 9 2 3,128 Nov. 20 10 880 88 92 x Nov. 24 Nov. 30 Nov. 30 Balances Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,800 units at $26 1,400 units at $28 Dec. 10 Dec. 20 1,260 units at $30 Dec. 12 Dec. 14 Dec. 31 1,960 units 1,680 units 840 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrate in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date to Dec. 1 Dec. 10 O O O Dec. 12 Dec. 14 Dec. 20 Dec. 31