Perpetial Inveritory Using FIFO Begioning inventory, purchases, and sales data for portable game players are as follows: The business mainteins a perpetuat inventory system, costing by the first-in, first-out method. a. Oetermine the cost of the merchandise sold for each sole and the inventory balance after cach sale, aresenting the data in the form lllustrated in Extibit 3 . Under FIFO, If units are in inventory at twe different costs, enter the units with the LOWer unit cost first in the Cest of Merchendise Sold Unit Cost colume and in the Inventary Unit Cost columa. a. Detarmine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the date in the form illustinted in Exhibit 3. Under: FIFO, if units are in inventory at two difforent 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 covern. Note thit ths exercise ures the perpetuat inventory system. FIFo means that the first units purchased are assumed to be the first to be soid. Therefore, ending inyentary is mate whing the most rechnt natrhases