Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 June 30 Sept. 2 Inventory Sale 3,900 units at $41 2,700 units Purchase 4,300 units at $43 Sale 5,000 units Purchase Nov. 15 1,800 units at $47 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 Cost of Goods Sold Unit Cost Total Cost Quantity Inventory Unit Cost Total Cost 3,900 41 $ 159,900 Purchases Date Quantity Unit Cost Total Cost Quantity Jan. 1 Apr. 19 2,700 June 30 Sept. 2 Nov. 15 Dec. 31 Balances 4,300 184,900 1,800 47 84,600 41 110,700 41 41 4,300 43 184,900 43 43 1,800 47 84,600