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w21 Online teachinx + Tp Assignment/takeAssignmentMain.do?invoker - StakeAssignmentSession ocator-Einprogress-false Book Show Me How Calculator PrintHem rpetual Inventory Using FIFO weginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Enventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1.200 units May 20 1,200 units at 543 May 14 830 units May 31 1,000 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in 3. under FIFO, units are in inventory at the feet costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Costcolumn Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Laventory Inventory Cost of Merchandise Cost of Merchandise Inventory Purchases Purchases Cost of Merchandise Purchase cest Date Sold Total Cost Sold Unit Cost Quantity Sold Quantity Total Cost Unit Cost May 1 May 10 May acer w21 Online teachinx + Tp Assignment/takeAssignmentMain.do?invoker - StakeAssignmentSession ocator-Einprogress-false Book Show Me How Calculator PrintHem rpetual Inventory Using FIFO weginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Enventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1.200 units May 20 1,200 units at 543 May 14 830 units May 31 1,000 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in 3. under FIFO, units are in inventory at the feet costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and in the Inventory Unit Costcolumn Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Laventory Inventory Cost of Merchandise Cost of Merchandise Inventory Purchases Purchases Cost of Merchandise Purchase cest Date Sold Total Cost Sold Unit Cost Quantity Sold Quantity Total Cost Unit Cost May 1 May 10 May acer