Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale June 30 Sept. 2 Purchase Sale Nov. 15 Purchase 3,900 units at $39 2,300 units 4,600 units at $45 4,800 units 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. 2,100 units at $48 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 Jan. 1 Inventory Quantity 3,900 Inventory Inventory Unit Cost Total Cost 39 $152,100 Apr. 19 2,300 39 89,700 1,600 39 62,400 June 30 4,600 45 $ 207,000 1,600 39 62,400 June 30 Sept. 2 Sept. 2 4,600 45 207,000 x 39 x 45 Nov. 15 2,100 48 100,800 Nov. 15 Dec. 31 Balances