Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, asse 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 co Sold Unit Cost column and in the Inventory Unit Cost column UC C and in the loweety Ut Cost column Schedule of Cost of Merchandise Sold FIFO Method Cost of Merchandise Sold Quantity Unit Cost Inventory Date Quantity Unit Cost Total Cost Total Cost Quantity Unit Cost