Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year:

Jan. 1 Inventory 3,600 units at $42 Apr. 19 Sale 2,500 units June 30 Purchase 4,700 units at $46 Sept. 2 Sale 5,100 units Nov. 15 Purchase 1,800 units at $49

The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming thefirst-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 withthe 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

Date	Purchases Quantity	Purchases Unit Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Jan. 1
Apr. 19
June 30
Sept. 2
Nov. 15
Dec. 31 Balances