Assume that the business in Exercise 6-5 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 in Exhibit 3.

July       1

      800

       45

    36,000

           10

      500

       50

    25,000

      800
      500

       45
       50

    36,000
    25,000

           12

      700

     45

    31,500

      100
      500

       45
       50

      4,500
    25,000

           14

      100
      200

     45
     50

      4,500
    10,000

      300

       50

    15,000

           20

      450

       52

    23,400

      300
      450

       50
       52

    15,000
    23,400

           31

      250
           

     50
        

    12,500
              

        50

      450

       50

       52

      2,500

    23,400

           31

Balances

    58,500

    25,900