Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Purchases 3,700 units at $39 May 10 May 20 1,850 units at $41 1,665 units at $43 Sales May 12 May 14 2,220 units May 31 1,110 units 2,590 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Inventory Quantity Unit Cost Inventory Total Cost May 1 May 10 May 12 May 14 May 20 QII 000 0000 0000 Dod