CengageNOWv2 | Online teaching x+ Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 40 units @ $75 10 Sale 30 units 15 Purchase 20 units @$79 20 Sale 14 units 24 Sale 8 units 30 Purchase 33 units @$83 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the for 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