Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 75 units @ $54 10 Sale 58 units 15 Purchase 35 units $57 20 Sale 21 units 24 Sale 12 units 30 Purchase- 39 units $59 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 Cost of Cost of Purchases Purchases Date Apr. 1 Quantity Purchased Unit Cost Total Cost Cost of Merchandise Sold Sold Unit Cost Merchandise Merchandise Sold. Total Cost Inventory Inventory Inventory Unit Quantity Cost Total Cost Apr. 10 Apr. 15