Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:

Inventory	Purchase	Sales
Aug 1- 755 Units at $44	Aug 10- 360 units at $45	Aug 12- 600 units
	Aug 20- 600 units at $48	Aug 14- 415 untis
		Aug 31- 500 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 above. If units are in inventory at two different costs, enter the OLDEST units first.