Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales
May 1 2,800 units at $34 May 10 1,400 units at $36 May 12 1,960 units
May 20 1,260 units at $38 May 14 1,680 units May 31 840 units

Required:
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 above.