10. 10 Purchases Cost of Merchandise Sold Inventory Unit Total Total Total Date Quantity Cost Cost Quantity Unit Cost Cost Quantity Unit Cost Cost Total cost of merchandise sold Ending inventory cost EX 7-10. Perpetual Inventory Using FIFO OBJ. 3 Assume that the business in Exercise 7-9 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