Show Me How Inventory Using FIFO Beginning inventory, purchases, and sales data for Inventory uly 1 2,900 units at $27 y 10 prepaid cell phones for July are as follows: 1,450 units at $29July 12 2,030 units uly 20 1,305 units at $31 July 14 1,740 units Assuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise soid for each sale and the each sale. Schedule of Cost of Merchandise Sold Prepaid Cell Phones Date Purchases Sold Cost of Merchandse Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Total Quantity Cost $27 QuantityCost Cost Unit Cost Total Cost Check Pay Work