Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,400 units at $37 May 10 1,200 units at $39 May 12 1,680 units May 20 1,080 units at $41 May 14 1,440 units May 31 720 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Purchases Unit Purchases Total Date Quantity Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Inventory Inventory Unit Inventory Total Purchased Cost Cost Sold Cost Cost Quantity Cost Cost 2,400 88,800 May 1.200 39 46,800 10 May 1 May 10) que May 14 JUDI 10000 1,440 May 20 DU01 111001 1,080 41 QUI DO 44,280 10000 May 31 o o May 31 Balances