Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:

Inventory		Purchases		Sales
August 1	3,400 units at $35	August 10	1,700 units at $37	August 12	2,380 units
		August 20	1,530 units at $39	August 14	2,040 units
				August 31	1,020 units

Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale.