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 47 units @ $49 32 units 27 units @ $52 20 units 9 units 31 units @ $54 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. Unit Cost column. Quantity Purchases Purchases Quantity Unit Total Cost of Merchandise Sold Sold Unit Cost Perpetual Inventory Account First-in, First-out Method Portable Game Players Cost of Cost of Merchandise Merchandise Sold Total Cost Inventory Inventory Inventory Unit Total Date Purchased Cost Cost Quantity Cost Cost Apr. 1 47 $ 49 2,303 Apr. 10 37 X 49 1,813 X 10 X 49 490 X Apr. 15 27 52 1,404 10 X 49 490 X 27 52 1,404 Apr. 20 10 49 490 X 10 X 49 X 490 X 10 X 49 X 490 X Apr. 24 9 49 X 441 x 20 X 49 X 980 X Apr. 30 31 54 1,674 1 X 49 X 49 X 31 54 1,674 Apr. 30 Balances 1,421 X 2,703 X