Perpetual Inventory Using PIFO The following units of a particular item were available for sale during the calendar year Jan. 3 Apr 19 Inventory Sale 3,800 units at $4) 2,700 units Purchase 4,300 units at 843 Sale 4,900 units Purchase 3,900 units at $47 June 30 Sept 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventery balance after each sale, assuming the first-in, first-out method. Present the data in the form ustrated 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 Cast of Goods Sold Unit Cost column and in the Inventory Unit Cost column Schedule of Cost of Goods Sold FIFO Method Date Jan. 3 Quantity Purchases Unit Cost Cost of Goods Sold Total Cost Quantity Unit Cost Apr 19 June 30 Sept. 2 Inventory Total Cost Quantity Unit Cost Total Cost Schedule of Cost of Goods Sold FIFO Method Cost of Goods Sold Purchases Date Quantity Unit Cost Total Cost Quantity Jan. 11 Apt 19 June 30 Sept. 2 Nov. 151 Dec. 311 Balances Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Drains