Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 3,100 units at $26 Purchases May 10 Sales 20 1,550 units at $28 1,395 units at $30 May 12 2,170 units 14 1,860 units 31 930 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out 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 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. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Quantity Date Purchased May 1 Purchases Purchases Unit Total Cost Cost Quantity Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Unit Cost Total Cost Inventory Inventory Inventory Unit Quantity Total Cost Cost May 10 May 12 May 14 May 20 May 31 May 31 Balances Accounting numeric field 00 00 000 000