Beginning inventory, purchases, and sales data for portable MP3 players are as follows:

Nov. 1

Inventory

70 units at $40

5

Sale

52 units

16

Purchase

30 units at $42

21

Sale

24 units

24

Sale

8 units

30

Purchase

14 units at $45

The business maintains a perpetual inventory system, costing by the first in, first out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.