Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Purchases Sales 3,000 units at $38 May 10 1,500 units at $40 May 12 2,100 units 20 1,350 units at $42 14 1,800 units 31 900 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. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Cost of Date Quantity Purchased Purchases Purchases Unit Cost Total Cost Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Quantity Unit Cost Inventory Inventory Total Cost Inventory Quantity May 1 May 10 May 12 May 14 May 20 May 31 May 31 Balances 8 0 000 00000 *0 000 00000