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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchase 3,200 units at May 10 1.600 units at 142 May 12 2.240 units May 2014 at 64 May 14 20 May 31 50 units Assume that the business maintains a perpetual inventory system, cong by the first in first out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sa Under units were to the the LOWER c he cost of Merchandis h a Scho ol of Merchandise Sold FIFO Method press the Puducho Mart May to