Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. If units are in inventory at two different costs, enter the OLDEST units first.

Inventory	Purchases	Sales
Dec. 1) 310 units at $88	Dec 10) 144 units at $90	Dec. 12) 240 units
	Dec. 20) 240 units at $96	Dec 14) 166 units Dec 31) 200 units