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

Inventory	Purchases	Sales
May 1 1,550 units at $44	May 10 720 units at $45	May 12 1,200 units
	20 1,200 units at $48	14 830 units 31 1,000 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 5.