Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 76 units $64 64 units 44 units @ $68 18 units 23 units 35 units @ $72 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Merchandise Merchandise Date Quantity Purchased Purchases Purchases Unit Cost Total Cost Cost of Merchandise Sold Sold Unit Cost Sold Total Cost Quantity Inventory Inventory Inventory Unit Total Cost Cost Apr. 1 Apr. 10 Apr. 15 Apr. 201 Apr. 24 Apr. 30 Apr. 30 Balances Feedback