Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for preped cell phones for Hay are as follows Assume that the mess maintains a perpetue ventory system, isting by the fine, tre-out method. Determine the cost of merchandise suid for each sale and the inventory balance after each sale, presenting the data in the form 3. Under FIFO, units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cest column and in the Inventory Unit Cest column. strated in Da Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cont of Marchandise S Phases Unit Purthases Tita Quantity C C Cost of Marchandise Sold Quantity Cast May 1 May Cast of Merchand Said Total bventory Cost Unit Inventory Tita Inventory May 1 3.600 units at $37 Purchases May 10 May 20 Sales 1,800 units at $39 May 12 2,520 units May 14 2.160 May 31 1000 units I II I I= 1 0 00 00 100000 000 00 1,00000 000 0 100000 0000 0.00 000 00 00 0 Previou Next Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,600 units at $37 May 10 May 20 1,800 units at $39 1,620 units at $41 May 12 May 14 May 31 1,080 units 2,520 units 2,160 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 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. May 1 Purchases Quantity Purchases Unit Cost May May 31 == Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Merchandise Sold Purchases Total Cost Cost of Merchandise Sold Quantity Unit Cost Cost of Merchandise Sold Total Cost 0 00 00 0 00 00 0 000 00 0 1,00000.000.00 Inventory Unit Inventory Total i Cost 100000 0000 00000 0000