Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 49 units at $79 10 Sale 38 units 15 Purchase 24 units at $82 20 Sale 17 units 24 Sale 8 units 30 Purchase 35 units at $85 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 Quantity Purchases Purchases Quantity Cost of Goods Cost of Goods Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Nov. Nov. $ 10 Nov. 000 00 000 00 000 00 15 Nov. 20