Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $40 Apr. 19 Sale 2,600 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov, 15 Purchase 1,900 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 Firo, 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 Quantity Unit Cost Inventor Purchases Unit Cost Date Quantity Total Cost Total Cost Quantity Unit Cost Jan. 1 4,200 40 Apr. 19 2,600 40 104,000 1,600 40 1,600 40 June 30 4,500 44 195,000 4,500 44 2,600 X 40 220,000 x Sept. 2 5,000 x 44 220,000 X Nov. 15 1,900 46 87,400 Dec. 31 Balances Inventory Quantity Unit Cost Total Cost 4,200 ta 40 $ 168,000 1,600 AR 40 64,000 1,600 40 64,000 4,500 44 198,000 $