The beginning Inventory of merchandise at Keats Office Supplies and data on purchases and sales for a three-month period ending May 31, 3016, are as follows Record the inventory, purchases, and cost of merchandise sold data in a perpetual Inventory record similar to the one illustrated is Exhibit 4, using the first-in, first-out method. 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