Perpetual Inventory Using FIFO The following units of a particular ter were available for sale during the calendar year: tan. 1 Inventory 3.900 units at $39 Apr 19 Sale 2.700 units June 30 Purchase 4.400 units at 543 Sept. 2 Sale 5.200 units Nov. 15 Purchase 2,200 units at 546 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each tal, assuming the first in first out method Present the data in the form strated in Exhibit . under FIFO, If units are in inventory at two different costs, enter the units with the LOWER unit contrat 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 Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total CONT Quantity Unit Cost Tot lan 1 Apr 19 June 30 Present the data in the form Illustrated in Exhibt. Under FIFO, units are in inventory at two different costs, enter the units with the LOWER ont 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 Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cust Total San Apr 19 ne 30 Sept. 2 Nov 15 Dec. 31 Balances