eBook Show Me How Calculate Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,000 units at $32 May 10 May 12 2,800 units 2,000 units at $34 1,800 units at $36 May 20 May 14 2,400 units May 31 1,200 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 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 two different costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column