Inventory Purchases Sales Dec. 1 120 units at $40 Dec. 10 60 units at $42 Dec. 12 84 units Dec. 20 54 units at $44 Dec. 14 72 units Dec. 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. 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 Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 60 42 2,520 Dec. 12 II I I II Dec. 14 54 Dec. 20 44 2,376 855 II w II Dec. 31 11 Dec. 31 Balances