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Perpetual Inventory Using IF Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,600 units at $32 Dec 10 1,300 units at $34 Dec 12 1,820 units Dec, 20 1,170 units at $36 Dec. 14 1,560 units Dec. 31 780 units Asuming that the perbetual inventory system is used, casting 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cast of Goods Sold Unit Cast column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 Dec 12 533 Dec. 14 Dec, 20 I I 11 100 Previous Next Check My Work OF COST O Goods Sold LIFO Method Prepaid Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory tnventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec, 10 Dec 12 889 Dec. 14 Dec. 20 will 10 Dec. 31 Dec 31 Balances