Perpetual entory Using IF Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,000 units at $34 Dec. 10 1,000 units at $36 Dec 12 1,400 units Dec. 20 900 units at $38 Dec. 14 1,200 units Dec. 31 600 units B. 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 salt, presenting the data in the form illustrated in Exhibit 4. Under LFO, if units are in inventory at two different couts, enter the units with the HIGHER unt cost first in the cost of Goods Sold Unit Cost column and LOWIR unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods sold LIPO 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 89 Dec. 14 Dec 20 I wo Dec. 31 Nest