Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 58 units at $47 10 Sale 48 units 15 Purchase 26 units at $49 20 Sale 16 units 24 Sale 15 units Purchase 24 units at $52 The business maintains a perpetual inventory system, costing by the first-in, first-out method. , , 30 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 Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 58 $ 2,726 Nov. 10 48 47 2,256 Nov. 15 3 Nov. 20 pilll lll 111 team w 11 lille Nov. 24 I III Nov. 30 o o Nov. 30 Balances