Mana Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,200 units at $36 May 10 600 units at $38 May 12 840 units May 20 540 units at $40 May 14 720 units May 31 360 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 Purchases Cost of Cost of Date Inventory Quantity Merchandise SoldMerchandise Sold Inventory Inventory Total Cost Merchandise Sold Quantity Quantity Unit Cost Total Cost May 1 May 10 Purchases Cost of Purchases Unit Cost Unit Cost Total Cost May 12 May 14 May 20 May Previous Next > : 0:57:53 All work saved Email instructor Submit Assignment for Grading May 20 540 units at $40 May 14 720 units May 31 360 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 Cost of Purchases Cost of Purchases Date Purchases Merchandise Sold Merchandise Sold Merchandise Sold Inventory Inventory Inventory Quantity Total Cost Unit Cost Quantity Unit Cost Unit Cost Total Cost Quantity Total Cost May 1 May 10 May 12 Il May 14 00011 III 10000 Il a IQIII JI OD May 20 O May 31 Il OD May 31 Balances Previous Next > Email Instructor All work saved Submit Assignment for Grading