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

Apr. 1

Inventory

70 units @ $94

10-

Sale

50 units

15

Purchase

41 units @ $99

20

Sale

25 units

24

Sale

20 units

30

Purchase

34 units @ $104

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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.