Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,700 units at $20 Dec. 10 1,350 units at $22 Dec. 12 1,890 units Dec. 20 1,215 units at $24 Dec. 14 1,620 units Dec. 31 810 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 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 C 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 2,700 20 54,000 Dec. 10 1,350 22 29,700 2,700 20 54,000 1,350 22 29,700 Dec. 12 1,350 22 29,700 2,160 20 43,200 540 20 10,800 Dec. 14 1,620 20 32,400 540 20 10,800 Dec. 20 1,215 24 29,160 1.215 24 29,160 Dec. 31 810 24 19.440 540 Dec. 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-In, first-out method