Calculator Printem Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 220 units at $31 Dec. 10 110 units at $33 Dec 12 154 units Dec, 20 99 units at $35 Dec. 14 132 units Dec. 31 66 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold 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 a different costs, enter the units with the LOWER unit cost first in the cost of Goods Sold Unit Cost column and in the Inventory Unit Cost colur Schedule of cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 220 31 Dec. 10 110 33 220 31 110 33 Dec 12 Check My Work 2 more Check My Work uses remaining Pro O hp 14 4 % 5 6 & 7 00 9 R T T Y eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 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 different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost colur Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 220 31 Dec. 10 110 33 220 31 110 33 Dec. 12 Dec. 14 Dec. 20 . Dec. 31 Dec. 31 Balances