Perpetual Inventory Using FIFO Beginning inventory purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dect 420 units at $27 Dec. 10 210 units at $29 Dec 12 294 units Dec. 20 189 units at 3: Dec. 14 252 units Dec. 31 126 units Assume that the business maintains a perpetua inventory system, tosting by the first in, first-out method Determine the cost of goods sold for each sale and che inventory balance after each sale, presenting the data in the form ustrated in Exhibit 2 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 Schedule of cast of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Dec, DEC 10 Dec 12 I II Des 14 Det 20 Dec. 1 420 units at $27 Dec. 10 210 units at $29 Dec 12 294 units Dec. 20 189 units at $31 Dec. 14 252 units Dec. 31 126 units Assume that the business maintains a perpetual inventory system, costing by the first in, first-out method, Determine the cost of goods sold for a 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 cosu the LOWER unit cost first in the cost of Goods Sold Unit Cost column and in the inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Prepaid Cell Phones Cost of Cost of Cost of Purchases Purchases Purchases Goods Sold Goods Sold Goods Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec 10 Dec 12 Dec 14 Dec. 20 . I do II III Dec, 31 In Dec 31 Balances Deck My Work Previous