eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 2 2,500 units at $22 May 10 1,250 units at $24 May 12 1,750 units 20 1,125 units at $26 14 1,500 units 31 750 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for em and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost the Inventory Unit Cost column. Schedule of cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Date May May 10 LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventor Quantity Unit Cost Total Cos Date May 1 May 10 May 12 May 14 (11 III May 20 May 31 May 31 Balances