Beginning inventory, purchases, and sales data for portable DVD players are as follows Inventory Sale Purchase Sale Sale Purchase 38 units @ $95 28 units 22 units @ $102 14 units 10 units 22 units @ $106 19 25 30 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 Hide a. 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. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Co June 1 38 S June 6 June 14 June 19 June 25 June 30 June 30 Balances