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: Inventory Dec. 1 310 units at $88 Purchases Dec. 10 20 144 units at $90 240 units at $96 Sales Dec. 12 14 31 240 units 166 units 200 units 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 using the first-in, first-out method?

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: 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 using the first-in, first-out method