Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Sales Inventory May 1 3,300 units at $38 Purchases May 10 May 201 1,650 units at $40 1,485 units at $42 May 12 2,310 units May 14 1,980 units May 31 990 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. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? Higher Lower the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method