Chapter 6 Inventories 333 2 Sales EX 6-5 Perpetual Inventory using FIFO and weighted average 3 I Inventory balance, March 31 $15,00 Beginning inventory, purchases, and sales data for cellphones are as follows: Inventory Purchases Mar 1 1.000 units at $40 Mar 5 500 units at $42 More 700 units 20 450 units at $44 14 600 units 31 300 units a. Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3, on page 310. b. Assuming that the perpetual inventory system is used, costing by the weighted average method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4, on page 311