The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $40 2,500 units 4,500 units at $44 5,000 units 2,000 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Goods Sold Purchases Date Quantity Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances Check My Work 2 more Check My Work uses remaining. FIFO Method Cost of Goods Sold Unit Cost Inventory Total Cost Quantity Unit Cost Total Cost Previous Next Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: 4,000 units at $40 2,500 units Jan. 1 Apr. 19 Inventory Sale June 30 Purchase 4,500 units at $44 Sept. 2 Nov. 15 Sale Purchase 5,000 units CNOWv 2,000 units at $46 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Schedule of Cost of Goods Sold Weighted Average Cost Flow Method Purchases Date Quantity Unit Cost Total Cost Quantity Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances Cost of Goods Sold Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost