Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 59 units at $88 Sale 49 units Purchase Sale 34 units at $92 14 units 23 units Sale Purchase 34 units at $96 The business maintains a perpetual inventory system, costing by the first-in, first-out method. The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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 in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Goods Sold U nit Cost Goods Sold Total Cost Date Nov. 1 Inventory Quantity 59 10 Inventory Inventory Unit Cost Total Cost 88 5.192 88 880 88880 49 88 4,312 Nov. 10 Nov. 15 34 92 3,128 Nov. 20 Nov. 24 Nov. 30 O OO Nov. 30 Balances Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,800 units at $26 Dec. 10 Dec. 20 1,400 units at $28 1,260 units at $30 Dec. 121,960 units Dec. 14 1,680 units Dec. 31 840 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrate in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Goose Solid Gocot Sold Date Dec. 1 Dec. 10 O