Perpetual inventory using FIFO

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

Date	Line Item Description	Values
Jan. 1	Inventory	3,900 units at $39
Apr. 19	Sale	2,800 units
June 30	Purchase	5,000 units at $44
Sept. 2	Sale	5,400 units
Nov. 15	Purchase	1,800 units at $45

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.

Schedule of Cost of Goods Sold FIFO Method

Date	Purchases Quantity	Purchases Unit Cost	Purchases Total 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