EX 6-5 Perpetual inventory using LIFO Obj. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Purchases Sales Inventory Dec. 1 144 units at $90Dec. 12 14 31 240 units 166 units 200 units 310 units at $88 Dec. 10 20 240 units at $96 A. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. B. Based upon the preceding data, would you expect the inventory to be higher or lower us- ing the first-in, first-out method