Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory Apr. 19 June 30 Sale 4,000 units at $39 2,600 units Purchase 4,300 units at $45 Sept. 2 Sale 5,000 units Nov. 15 Purchase 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 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. FIFO Method Purchases Date Quantity Purchases Unit Cost Purchases Total Cost Unit Cost Cost of Goods Sold Cost of Goods Sold Cost of Goods Sold Quantity Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost Jan. 1 4,000 39 $ 156,000 Apr. 19 2,600 June 30 4,300 45 193,500 June 30 Sept. 2 Sept. 2 39 101,400 1,400 39 54,600 1,400 39 54,600 4,300 45 193,500 Nov. 15 Nov. 15 Dec. 31 Balances