m/takeAssignment/startAssignmentMain.do e eBook Show Me How Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 1,600 units at $25 Dec. 10 800 units at $27 Dec. 12 1,120 units Dec. 20 720 units at $29 Dec. 14 960 units Dec. 31 480 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. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Quantity Cost of Goods Cost of Goods Inventory Date Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Dec. Dec. 10 Dec. 12 Dec. 14 eBook Show Me How Calculator column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Cost of Goods Cost of Goods Sold Sold Unit Cost Sold Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1 Dec. 10 Dec. 12 9 11111 1111 Jill l1111 Dec. 14 Dec. 20