Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,300 units June 30 Purchase 4,400 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,900 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 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 Purchases Cost of Goods Sold Invent Unit Cost Date Total Cost Quantity Quantity Total Cost Unit Cost Quantity Unit Co Jan. 1 Apr. 19 June 30 Sept. 2 petus inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first in, first- 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 Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold FIFO Method Purchases Cost of Goods Sold Inventory ntity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost ine firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory bala out method. Present the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different co 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 Purchases Cost of Goods Sold Date Quantity Unit Cost Total Cost Quantity Unit Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances