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 s 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 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 Dec. 14 Dec. 20 Dec. 31 011 O 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