Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:

Inventory Purchases Sales
Dec. 1420 units at $27Dec. 10210 units at $29Dec. 12294 units
Dec. 20189 units at $31Dec. 14252 units
Dec. 31126 units
Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Schedule of Cost of Goods Sold
FIFO Method
Prepaid Cell Phones
DatePurchases QuantityPurchases Unit CostPurchases Total CostCost of Goods Sold QuantityCost of Goods Sold Unit CostCost of Goods Sold Total CostInventory QuantityInventory Unit CostInventory Total Cost
Dec. 1 $$
Dec. 10 $$
Dec. 12 $$
Dec. 14
Dec. 20
Dec. 31
Dec. 31Balances