Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 10 Inventory Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 75 units at $70 62 units 33 units at $73 21 units 14 units 22 units at $77 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Quantity Purchased Purchases Unit Cost Purchases Quantity Goods Sold Total Cost Sold Unit Cost Cost of Goods Sold Total Cost Date Nov. 1 Inventory Quantity 75 Inventory Inventory Unit Cost Total Cost 70 5,250 Nov. 10 62 70 4,340 13 70 910 a. Determine the cost of the 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. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Nov. 1 75 70 5,250 Nov. 10 62 70 4,340 13 70 910 Nov. 15 33 73 2,409 13 70 910 33 73 2,409 Nov. 20 13 70 910 73 73 1,022 Nov. 24 14 73 Nov. 30 14 X 77 1,078 X Nov. 30 Balances 73 73 77