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 $35 Dec. 10 Dec. 20 1,300 units at $37 1,170 units at $39 Dec. 12 Dec. 14 1,820 units 1,560 units Dec. 31 780 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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Dec. 1 Dec. 10 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 Total Cost Quantity Unit Cost Total Cost Unit Cost Dec. 12 Dec. 14 888