Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales Mari 3,800 units at $34 May 10 1.900 units at $36 May 12 2,660 units May 14 2,280 units May 20 1,710 units at May 311,140 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form wlustrated 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 Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,800 units at 5:34 May 10 1,900 units at $36 May 12 2,660 units May 20 1,710 units at S May 14 2,280 units May 31 1,140 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method. Determine the cost of 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 LOWE un cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Purchase Cost of Merchandise Cost of Merchandise Cost of Merchandise Date Inventory Inventory Inventory Quantity Unit Cost Total Cost sold Quantity Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May 1 May 10 HOLID May 12 a May