Perpetual inventory using FIFO The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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. Jan. 1 Inventory Apr. 19 Sale The following units of a particular item were available for sale during the calendar year: 3,900 units at $41 2,700 units June 30 Sept. 2 Sale Purchase 4,300 units at $43 4,900 units Nov. 15 Purchase 2,100 units at $47 FIFO Method Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Goods Sold Quantity Cost of Goods Sold Cost of Goods Sold Unit Cost Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost Jan. 1 $ Apr. 19 June 30 June 30 Sept. 2 Sept. 2 Nov. 15 Nov. 15 Dec. 31 Balances B