1. Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 45 units @ $97 6 Sale 35 units 14 Purchase 19 units @ $102 19 Sale 14 units 25 Sale 10 units 30 Purchase 22 units @ $109 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