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Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 140 units at $29 10 Sale 110 units TE 15 Purchase 150 units at $30 20 Sale 120 units 24 Sale 35 units 30 Purchase 140 units at $34 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Quantity Purchases Purchases Unit Cost Total Cost Purchased 150 140 Nov. 30 Balances 30 4,500 34 4,760 First-in, First-out Method DVD Players Quantity Sold 110 120 Cost of Goods Sold Unit Cost 29 Cost of Goods Sold Total Cost 3,190 Inventory Inventory Inventory Quantity Unit Cost Total Cost 140 30 30 > 150 29 29 29 30 4,060 870 870 4,500 3,600 000 000 0000