Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 77 units at $48 64 units 45 units at $50 20 units 29 units 20 units at $53 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 Goods Sold Unit Cost Date Nov. 1 Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Nov. 10 64 48 Nov. 15 45 50 2,250 Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 77 48 $ 3,696 3,072 13 48 624 13 48 624 45 50 2,250 Nov. 20 13 48 624 13 X 50 624 X 16 X 50 800 Nov. 24 29 50 1,450 Nov. 30 20 53 1,060 Nov. 30 Balances 29 X 50 1,450 X 29 X 50 1,450 X 20 53 1,060 3,960 X $ 3,960 X