Inventory Purchases Sales May 1 2,500 units at $25 May 10 1,250 units at $27 May 12 1,750 units May 14 1,500 units May 20 1,125 units at $29 May 31 750 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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Inventory Quantity Cost Cost Quantity Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Inventory Unit Cost Inventory Total Cost $ May 1 May 10 $o $ $ May 12 May 14 IIII III I HII II 0 000 III I May 20 O Il III II May 31 May 31 Balances