Open spreadsheet

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance assuming the first$-$in$,$ first$-$out method. Present the data in the form illustrated in Exhibit $3.$ Under FIFO, if units are in inven costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cc

Schedule of Cost of Goods Sold

FIFO Method

$\backslash$table$[[,,,$Cost of$,$Cost of ${?}^4,$Cost of$,],[$Date$,$Purchases,Purchases,Purchases,Goods Sold,Goods Sold,Goods Sold$],[$Quantity$,$Unit Cost,Fotal Cost,Quantity,Unit Cost,Total Cost,$]]$

Jan. $1$

Apr. $19$

June $30$

Sept. $2$

Nov. $15$

Dec. $31$

Balances

Perpetual inventory using FIFO

The following units of a particular item were available for sale during the calendar year:

$\backslash$table$[[$Jan$.1,$Inventory,$4,200$ units at $$39$