Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,700 units at $39 Apr. 19 Sale 2,400 units June 30 Purchase 4,900 units at $44 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,400 units at $47 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. 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. Round your answers for quantity values to the nearest whole number, for unit cost values to the nearest cent, and for total cost values to the nearest dollar. Schedule of Cost of Goods Sold FIFO Method Cost of Goods Sold Quantity Unit Cost Purchases Inventory Unit Cost Date Quantity Unit Cost Total Cost Total Cost Quantity Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances