UDUUN Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1,200 units 20 1,200 units at $48 14 830 units 31 1,000 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 Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Quantity Unit Cost Total Cost Purchases Purchases Unit Total Cost Cost Quantity Purchased Inventory Inventory Unit Total Cost Cost Date Inventory Quantity May 1 May 10 Check My Work Previous Next > 11 6 ? ? 8 tv A A Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Quantity Purchased Purchases Purchases Unit Cost Cost Total Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Quantity Unit Cost Total Cost Inventory Quantity Inventory Inventory Unit Total Cost Cost Date May 1 May 10 May 12 May 14 b1 1 May 20 May 31 May 31 Balances Check My Work Previous Next " ? ? o tv A