Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Sales 2,600 units at $39 Dec. 10 Dec. 20 1,300 units at $41 1,170 units at $43 Dec. 12 Dec. 14 Dec. 31 780 units 1,820 units 1,560 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 Cost of Cost of Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost Date Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Accounting numeric field 000000000 b. Based upon the preceding data, would you expect the Inventory to be higher or lower using the first-in, first-out method? Dec. 31 Balances