EX 7.03 Beginning inventory, purchases, and sales data for portable game players are as follows:Apr. 1 Inventory 64 units @ $79Apr. 10 Sale 53 unitsApr. 15 Purchase 28 units @ $84Apr. 20 Sale 17 unitsApr. 24 Sale 14 unitsApr. 30 Purchase 31 units @ $89The business maintains a perpetual inventory system, costing by the first-in, first-out method.1) Determine the cost of the merchandise sold for each sale and the inventory balance after each sale. Under FIFO, if units are in inventory at two different costsenter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column

Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 64 units @ $79 10 Sale 53 units 15 Purchase 28 units @ $84 20 Sale 17 units 24 Sale 14 units 30 Purchase 31 units @ $89 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Cost of Merchandise Merchandise Purchases Purchases Inventory Inventory Merchandise Sold Sold Quantity Unit Total Unit Total Sold Unit Cost Total Cost Inventory Date Purchased Cost Cost Quantity Cost Cost Apr. 1 Apr 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 O O 000 OC Apr 30 Balances