Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 180 units at $40 10 Sale 140 units 15 Purchase 210 units at $42 20 Sale 24 Sale 170 units 60 units 30 Purchase 240 units at $46 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Purchases Purchases Date Quantity Purchased Unit Cost Total Cost Cost of Merchandise Sold Cost of Merchandise Merchandise Cost of Sold Unit Cost Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 42 X 44 X S 1,848 X Apr. 10 28 X 44