Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:

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

Assuming that the perpetual inventory system is used, costing by the FIFO 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 4.