Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Sales 310 units at $88Dec. 10 144 units at $90 Dec. 12 240 units 166 units 200 units Dec. 20 240 units at $96Dec. 14 Dec. 31 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 Purchases Unit Purchases Total Cost of Goods Sold Cost of Goods Sold Unit Cost of Goods Sold Total InventoryInventory Unit Inventory Total Cost Date Quanthy Dec Cost Cost Quantity Cost Cost 10 Dec 12 14 Dec 31