10 Sale 15 Purchase 20 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 62 units at $85 46 units 29 units at $89 Sale 25 units Sale 11 units Purchase 22 units at $94 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. 24 30