Beginning inventory purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,000 units at $30 May 10 1,500 units at $32 May 12 2,100 units 20 1,350 units at $34 14 1,800 units 31 900 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 presenting the data in the form Illustrated in Exhibit 3. Under FIFO, units are in inventory at two different costs, enter the units with the LOWER unit cost | and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Quantity Unit Cost Total Cost Purchases Purchases Unit Total Cost Cost Quantity Purchased Inventory Inventory Unit Total Cost Cost Inventory Quantity Date May 1 May 10 May 12 May 14 I ll I l II [ 0 0 111 bill I b1 b di ili bi May 20 . May 31 May 31 Balances