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, 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Purchases Cost of Merchandise Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Jan. 1 4,000 Apr. 19 2,500 $ 20 50,000 1,500 1,500 June 30 6,000 24 144,000 7,500 x 4,500 X 23.2 X 104,400 x Sept. 2 3,000 4,500 x 23.2 x 104,400 x chandise sold for each sale and the inventory balance after each sale, ed in Exhibit 3. Under FIFO, if units are in inventory at two different costs, d Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Cost of Merchandise Sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 4,000 $ 20 80,000 2,500 20 $50,000 1,500 20 30,000 1,500 20 30,000 7,500 X 23.2 174,000 x 4,500 x 23.2 x 104,400 x 3,000 23.2 x 69,600 X 4,500 x 23.2 x 104,400 x 4,000 x 23.65 X 94,600 x 154,400 X 90,560 X