Using FIFO Beginning ieventery, purchases, and sales data for portable DVD plavers are as follows 63 units o 44 52 units 33 units o 147 15 units 18 units 20 units o $50 June 1Inventory 6 Sale 14 Purchase 19Sale 25 Sale 30 Purchase The business maintains a perpetual inventory system, costing by the first-in, first-out method Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form llustrated in Exhibit 4. a. 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. Cost of the Sold Schedule First -n, First-out Method Cost Cost Cost June 1 June 6 63