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Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:InventoryPurchasesSalesAugust 11,200 units at $40August 10600 units at $42August 12840 unitsAugust 20540 units at $44August 14720 unitsAugust 31360 unitsAssuming that the perpetual inventory system is used, costing by the FIFO method, determine the cost of the merchandise sold for each sale and the inventory balance after each sale.