Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 inventory 59 units $50 6 Sale 47 units 4 units $53 Purchase 19 Sale 19 units 25 Sale 19 units 30 Purchase units $55 22 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Hide a. 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 colu man and in the Inventory Unit Cost column Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Sold of Cost Merchandise Sold Unit ost Cost of Merchandise sold Total cost Inventory Quantity Inventory Unit cost Inventory Total cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost June 1 59 50 s 2,95 June 6 une 14. une 19 une 25 une 30