Perpetual inventocy using FIFO Beginning imventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1120 units at $38 Sales Dec. 1284 units 1472 units 31.36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale apd the inventory balance after each sale, presenting the data in the form llustrated 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Assume that the business maintains a perpetual inventory system, costing by the first-ln, first-out method, Determine the cost of goods sold for each saie and the inventory balance after each sale, presenting the data in the form lllustrated 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column