Show Me How eBook Inventory Calculator Purchases Printem SIC May 1 2,300 units at $37 May 10 1,150 units at $39 May 12 1,610 units May 20 1,035 units at 541 May 14 1,380 units May 31 690 units Assume that the business maintains a perpetual inventory system, costing by the first in first-out method. Determine the cost of merchandise sold for each sale and the Inventory balance after each sale, presenting the data in the form illustrated 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 cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Purchases Purchases Purchase Cost of Merchandise Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Date Quantity Unit Cost Total Cost Sold Quantity Sold Ut cost Sold Total Cost Quantity Unit Cot Total Cour May 2.100 V 11 Rs. 1 May 17 2,100 10 LIN 11 LAV 17 May 12 LUSO May 14 May 20 Tais 41 4 41 19 May 31 41 81 May 31 Balances Previous Next De Hy SAGE