Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory une 30 Sept. 2 Nov. 15 The firm maintains a perpetual inventory system. Determine the cost of merchandise itlustrated in Exhibit 3. Under FIFO, it units 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 Purchase Sale Purchase soid for each sale and the inventory balance after each sale, assuming the first-in, are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Sold Unit Cost FIPO Method Purchases Cost of Merchandise Sold Total Cost Total Cost June 30