Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 1,600 units at $35 Purchases Date Units and Cost Dec. 10 800 units at $37 20 720 units at $39 Sales Date Units Dec. 12 1,120 units 14 960 units 31 480 units Question Content Area 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 Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1 Dec. 1 Dec. 1 Dec. 1 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 Dec. 10 fill in the blank 1ae63600205402f_10 fill in the blank 1ae63600205402f_11 fill in the blank 1ae63600205402f_12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 Dec. 12 fill in the blank 1ae63600205402f_19 fill in the blank 1ae63600205402f_20 fill in the blank 1ae63600205402f_21 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 14 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 Dec. 20 fill in the blank 1ae63600205402f_34 fill in the blank 1ae63600205402f_35 fill in the blank 1ae63600205402f_36 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 fill in the blank 1ae63600205402f_43 fill in the blank 1ae63600205402f_44 fill in the blank 1ae63600205402f_45 Dec. 31 Balances Dec. 31 Dec. 31