Beginning inventory, purchases, and sales data for portable DVD players are as follows:

June 1		Inventory	240 units at $78
10		Sale	180 units
15		Purchase	280 units at $80
20		Sale	220 units
24		Sale	90 units
30		Purchase	320 units at $86

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated inExhibit 4. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.