eBook Show Me How Office 365 Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year 4,100 units at $41 Jan. 1 Apr 19 Inventory Sale 2,700 units June 30 Sept. 2 Nov. 15 Purchase 5,000 units at $43 Sale 5,600 units Purchase 2,100 units at $44 This information has been collected in the Microsoft Excel Online . Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the forma Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Date Jan. 1 Apr 19 Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost 2,700 41 110,700 Inventory Quantity 4,100 1,400 Inventory Unit Cost Inventory Total Cost 41 168,100 41 June 30 5,000 43 V 215,000 57,400 V 272,400 43 Sept. 2 41 43 NOV 15 2,100 44 92,400 Dec. 31 Balances 348,700 B00 43 34,400 125,000