Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apt 19 June 30 Sept. 2 Inventory Sale 4,000 units at $40 2,500 units Purchase Sale 4,500 units at $44 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm maintain 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 ustrated in Exhibit 3. Under FIFO, 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 Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 19 June 30 Sept Sept. 2 Nov 15 Sale Purchase 5,000 units 2,000 units at $46 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 strated in 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. Schedule of Cost of Goods Sold FIFO Method Date Quantity Purchases Unit Cost Cost of Goods Sold Inventory Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr 19 Sept 2 Now 15 Balances Ohed My Check My Working