Bull Matrix - Paymen. https://www.coned... On June 1 of the cu... G tina leser - Google S... May 1 May May 12 QUE 1110 1000 0000 00000 May May 20 I way 31 May Balances 31 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? Cut Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,600 units at $39 May 10 May 12 1,300 units at $41 1,170 units at $43 May 20 1,820 units 1,560 units May 14 May 31 780 units 2. Assuming that the perpetual Inventory system is used, costing by the LIFO 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 4. Under LIFO, ir units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER uhit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Quantity Purchases Purchases Quantity Cost of Merchandise Inventory Inventory Inventory Purchased Merchandise Sold Unit Cost Sold Total Cost Sold Total Cost Quantity Unit Cost Unit Cost Total Cost May 12