eBook Show Me How Calculator Perpetual Inventory Using FIFO Printem Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $34 May 10 1,550 units at $36 May 12 2,170 units May 20 1,395 units at $38 May 14 1,860 units May 31 930 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 Firo, 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 Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Purchases Cost of Merchandise Sold cost of Merchandise Sold Cost of Merchandise Sold Date Inventory Inventory Unit inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Cost Total Cost May 1 May 10 DIIIII May 12 Check My Work Previous Next > Chapter 7 Homework Assignment (par eBook Show Me How Calculator Printem Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Merchandise Sold Cost of Merchandise Sold Cost of Merchandise Sold Quantity Unit Cost Total Cost Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Inventory Cost Total Cost May May 10 May 12 May III I v. II Du bi May 20 May 31 00 10 bul May 31 Balances Check My Work Previous Next >