Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases Sales 4,200 units at $37 Dec. 10 Dec. 20 2,100 units at $39 1,890 units at $41 Dec. 12 Dec. 14 Dec. 31 2,940 units 2,520 units 1,260 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 balanc 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 u 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 Date Dec. 1 Quantity Purchases Purchases Quantity Goods Sold Purchased Unit Cost Total Cost Sold Unit Cost Dec. 10 Dec. 12 Dec. 14 Dec. 20 000 Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost Accounting numeric field Dec. 31 Dec. 31 Balances 0888 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method