Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 220 units at $40 Dec. 10 110 units at $42 Dec. 12 154 units Dec. 20 99 units at $44 Dec. 14 132 units Dec. 31 66 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. 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. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Date Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Dec. 1 220 40 8.800 Dec. 10 110 42 4.620 220 40 3.000 110 42 4,620 Dec 12 110 x 42 X 4.620 X 154 X 6.160 X 66 X 40 X 2.640 X 132 X 40 5.280X 40 Dec. 14 Dec. 20 X X Dec. 31 X Dec. 31 Balances