The following units of a particular item were available for sale during the calendar year:

Date	Line Item Description	Values
Jan. 1	Inventory	3,500 units at $41
Apr. 19	Sale	2,900 units
June 30	Purchase	4,400 units at $47
Sept. 2	Sale	3,900 units
Nov. 15	Purchase	1,800 units at $50

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

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.

Date	Purchases Quantity	Purchases Unit Cost	Purchases Total Cost	Cost of Goods Sold Quantity	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Jan. 1							fill in the blank 2	$fill in the blank 3	$fill in the blank 4
Apr. 19				fill in the blank 5	$fill in the blank 6	$fill in the blank 7	fill in the blank 8	fill in the blank 9	fill in the blank 10
June 30	fill in the blank 11	$fill in the blank 12	$fill in the blank 13				fill in the blank 14	fill in the blank 15	fill in the blank 16
June 30							fill in the blank 17	fill in the blank 18	fill in the blank 19
Sept. 2				fill in the blank 20	fill in the blank 21	fill in the blank 22
Sept. 2				fill in the blank 23	fill in the blank 24	fill in the blank 25	fill in the blank 26	fill in the blank 27	fill in the blank 28
Nov. 15	fill in the blank 29	fill in the blank 30	fill in the blank 31				fill in the blank 32	fill in the blank 33	fill in the blank 34
Nov. 15							fill in the blank 35	fill in the blank 36	fill in the blank 37
Dec. 31	Balances