Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 420 units at $38 Dec. 10 210 units at $40 Dec. 12 294 units Dec. 20 189 units at $42 Dec. 14 252 units Dec. 31 126 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 and the inventory balance after each sale, presenting the data in the form illustrated 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 Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Purchases Purchases Purchases Cost of Goods Cost of Goods Cost of Goods Inventory Inventory Inventory Date Quantity Unit Cost Total Cost Sold Quantity Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Dec. 1 Dec. 10 HIIID DIDION Dec 12 har Press Net Check My Work 1224 PM 4/2/20221 O RI e E a hp Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Goods Cost of Goods Cost of Goods Sold Quantity Sold Unit Cost Sold Total Cost Purchases Quantity Purchases Unit Cost Purchases Total Cost 0 11 HO0000 BOU B 1000 tot cu U 00 Balances Net Check My Work 12:24 PM ADD GW 4/2/2021 O