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 Nov. 15 Inventory Sale 4,000 units at $20 2.500 units Purchase Sale 6,000 units at $24 Purchase 1,000 units at $25 4,500 units 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 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 Unt Cost column and in the Inventam Cost column. Schedule of Cost of Merchandise Sold FIFO Method Date Quantity Purchases Unit Cost Cost of Merchandise Sold Total Cost Quantity Unit Cost Total Cost Quantity Inventory Unit Cost Jan. 1 4,000 20 Total Cont 80,000 Apr. 19 2,500 20 50,000 V June 30, 6,000 24 144,000 V 2,500 X 6,000 x 7,500 x 20 50,000 X 24 X 23.20 X 144,000 174,000 X 4,500 X 23.20 X 104,400 X Sept. 2 3,000 23.20 X 69,600 3,000 23.20 X 69,600 X 1,000 X 25 X 25,000 Nov. 15. 1,000 V 25 25,000 4,000 X 23.65 x 94,600 224,000 X Dec. 31, Balances Previous N