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 $20 May 10 1,900 units at $22 May 12 2.660 units May 20 1,710 units at $24 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, units are in inventory at two different costs, enter the units with the LOWER un cost first in the cost of Merchandise Sold Unit Cost celu and in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Unit Purchases Total cost of Merchandise Sold Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Tote Date Cost Cost Unit Cost Quantity Total Cost Quantity Cost Quantity Cost May 1 May 1.900 12 10 May 12 101011 110 0 May 14 0 000 10000 00 000 00000 May 20 1,710 24 41.040 May 31 DO May 31 Balances Balances