Perpetual Inventory Using FIFo Beginning inveatory, purchases, and sales data for portable Dvo players are as foliowst The business maintains a perpetual inventory system, costing by the first-in, first-out method, Determine the cont of the merchandise sold for each sale and the inventory balance after each sale, presenting the dota in the form illustrated in Exhibit 3 . a. 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 tiventory unit Cost column