Perpetual Inventory Using FIFO The following units of a particulariter were available for sale during the calendar year: Sale lan 1 Inventory 4,000 units at $20 Ape 19 Sale 2.500 units June 30 Purchase 6,000 units at $24 Sept. 2 4.500 units Nov 15 Purchase 1,000 units at 325 The firm maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first in, fest-out method. Present the data in the form illustrated in the Under FIFO, if units are in inventory at the different contenter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Comed in the trvatory Unit Cost con Schedule of suf Merchandise Sold FILO Mathed Purchases Cost or Merchandise Sold Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Lil cost 4,000 0,000 20 2.500 20 550.000 1,500 20 30,000 A 19 6,000 24 144,000 Nov, 15 Purchase 1,000 units $25 The firm maintains a perpetual inventory system. Determine the cost of marchandise sold for each sale and the inventory balance after each sale, assuming the first in, first cut method, present the wiata in the form illustrated in Exhibit 3. Under FIFO, onits are in inventory at two different costs, enter the units with the LOWER unit cost first in the cost of Merchandise Sold Unit Cost column and In the Inventory Unit Cost column Schedule of coferchandise FO Method Cost of Merchandise Sold Quantity Unit Cost Total Cast Wait cost QUATRY Quantity Total Total Cont 4,000 0.000 20 2,500 50,000 1.500 20 Apr 10 30.000 June 30 20,000 6.000 106,000 144,000 Sept 2 1,000 1,000 25 25,000 Dec al Balance