Jan. 1 Apr. 19 Inventory Sale The following units of a particular item were available for sale during the calendar year: 4,000 units at $20 2,500 units Purchase 6,000 units at $24 4,500 units 1,000 units at $25 June 30 Sept. 2 Nov. 15 Sale Purchase The firm maintains a perpetual inventory systern. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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 Date Quantity Purchases Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 6,000 24 144,000 Sept. 2 Nov. 15 1,000 25 25,000 Dec. 31 Balances FIFO Method Cost of Merchandise Sold Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 4,000 20 80,000 2,500 20 50,000 1,500 20 30,000 4,500 x 23.30 X 104,400 X 4,500 X 23.30 X 104,400 X 4,000 x 23.65 X 94,600 X 154,400 X 94,600 X