Perpetual inventory using FIFO The following units of a particular item were available for sale during the calendar year

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 Purchase Sale Purchase 4,200 units at $40 2,300 units 4,400 units at $44 5,000 units 1,800 units at $48 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 E 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. FIFO Method Inventory Total Cost Date Jan. 1 Apr. 19 June 30 June 30 sept. 2 sept. 2 Nov. 15 Nov. 15 Dec. 31 Purchases Quantity Balances 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 Unit Cost