eBook Print Item Jan. 1 Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Inventory 3,800 units at $39 Apr. 19 Sale 2,500 units June 30 Purchase 4,700 units at $45 Sept. 2 Sale 5,200 units Purchase 2,000 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance first-out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, If units are in inventory at two different co unit cost first in the cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Nov. 15 Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Tota Jan. 1 Apr. 19 2,500 39 97 June 30 4,700 45 211,500 4,300 X 39 Sept. 2 the cost of Goods Sold Unit Cost column and in the inventory Unit Cost column Schedule of Cost of Goods Sold FIFO Method Cost of Goods Sold Quantity Unit Cost Purchases Unit Cost Inventor Date Quantity Total Cost Total Cost Quantity Unit Cost Jan. 1 3,800 39 Apr. 19 2,500 39 97,500 39 1,300 1,300 38 June 30 4,700 45 211,500 4,700 4 4,300 x 39 Sept. 2 45 45 2,000 Nov. 15 92,000 46 2,000 M. Dec. 31 Balances Foodtrack Purchases Schedule of Cost of Goods Sold FIFO Method Cost of Goods Sold Quantity Unit Cost antity Unit Cost Total Cost Total Cost Inventory Unit Cost Quantity Total Cost 3,800 39 148,200 2,500 39 $ 97,500 1,300 39 50,700 39 3,700 45 211,500 1,300 4,700 45 211,500 4,300 x 39 45 45 45 ,000 46 92,000 2,000 46 92,000 3