Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows Sales Dac. 12 Dec. 14 Dec. 31 240 units 166 units 200 units Dac. 1 10 units at $88 Dac. 10 144 units at $90 Dec. 20 240 units at $96 Assume that the business maintains a perpetual invantory system,costing by the first-in, first-out method. Detarmine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units ara in inventory at two diffarant costs, entar the units vwith the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Invantory Unit Cost column Schedule of Cost of Goods Sold FLFO Method Propaid Cell Phones Date Purchases Quantity Purchases Unt Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost I Quantty Unit Cost Total Cost Dec. 1 Dec. 10| 144|V