FIFO AND LIFO cost under perpetual inventory system.The following units of an item were available for sale during the year:Jan. 1 Inventory 10,000 units @$75.00, Mar. 18 Sale 8,000 units. May 2 Purchase 18,000 units @ $77.50. Aug. 9 Sale 15,000 units. Oct. 20 Purchase 7,000 units @$80.25 The firm uses the weighted average cost methods with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 6. Answer, Total cost of Merchandise Sold, $1,758,750