FIFO Perpetual Inventory The beginning inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period ending May 31, 2016, are as follows: Date Number Per Unit Transaction of Units 42 84 56 35 70 42 21 70 $25,200 60,480 112,000 70,000 56,000 84,000 42,000 61,600 88,200 117,600 120,960 132,300 March 1 Inventory $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 10 Purchase 28 Sale 30 Sale April 5 Purchase 10 Sale 16 Sale 28 Purchase May 5 Sale 14 Sale 25 Purchase 30 Sale 56 126 63