Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 120 units at $23 Purchases Dec. 10 60 units at $25 20 54 units at $27 Sales Dec. 12 84 units 14 72 units 31 36 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. FIFO Method Prepaid Cell Phones Purchases Purchases Quantity Purchases Unit Cost Total Cost Quantity Unit Cost Total Cost Cost of Cost of Goods Sold Goods Sold Goods Sold Inventory Quantity Cost of Inventory Inventory Unit Cost Total Cost Date Dec. 1 120 23 2,760 Dec. 10 60 25 1,500 120 23 2,760 60 25 1,500 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Dec. 31 Balances