Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: 4,000 units at $38 Jan. 1 Inventory Apr. 19 Sale 2,700 units June 30 Purchase 4,500 units at $40 Sept. 2 Nov. 15 Sale 4,800 units Purchase 1,500 units at $43 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet 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 Jan. 1 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 Inventory Unit Cost Total Cost Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances = QOOO 000