1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 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 Cost of goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ 10 $ $ $ $ 10 $ $ 28 $ $ 28 $ $ $ $ 30 $ $ $ $ Feb. 5 $ $ $ $ 10 $ $ $ $ 10 $ $ 16 $ $ 16 $ $ $ $ 28 $ $ $ $ Mar. 5 $ $ $ $ 5 $ $ 14 $ $ 14 $ $ $ $ 25 $ $ $ $ 25 $ $ 30 $ $ $ $ 30 $ $ 31 Balances $ $