Question 3 7 Marks Pensacola Ltd. uses perpetual inventory in connection with FIFO costing. The company began the year with zero inventory balance. They had the following transactions during the year: 1 Jan. Purchased 50 units at $4.00 per unit 5 Jan. Purchased 100 units at $4.10 per unit 7 Jan. Sold 80 units at a price of $12.00 per unit 15 Jan. Purchased 60 units at $320 per unit 30 Jan. Sold 75 units at a price of $12.75 per unit At the end of the year, they counted the inventory and found 50 units remaining. Is this correct? If in correct, what is correct number of units remaining in inventory? How much was the Cost of sales for the year? (Please round to the nearest whole dollar.) Required: Use the following template in your Word document file. (Please round to the nearest whole dollar.) Purchases Unit Quantity cost Pensacola Ltd. FIFO Cost of sales Unit Quantity cost Total Inventory on hand Unit Total Quantity cost cost Total cost Date cost