Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 40 units at $69 32 units 16 units at $72 14 units 5 units The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. Date Nov. 1 First-in, First-out Method DVD Players Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Cost of Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 30 Purchase Nov. 10 Nov. 15 Nov. 20 30 units at $75 1 Nov. 24 Nov. 30 Nov. 30 Balances