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Perpetual Inventory Using FIFO Heginning imentory, purchases, and sales enta for prepald cell phones for December are as follows: Assume that the business maintains a perpetual inventory system, casting by the fint-in, first-evt method. Determine the cost of poods sold for each sale and the inventory bulence after each sale, presenting the data in the form illustrated in Gaibit 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 Gosds Sold Unit Cost column and in the Inventory Unit Cost column. Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Date Quantity Unit cost Total Cost Quantity Unit Cost Total cost Quantity Unit Cost Total cost Dec 1. Dee 10 Dec 12 Dec 14 Dec 20 Dec 31 Dec. 31 Balances