Perpetual Inventory Using LIFO Beginning inventory. purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 12 May 1 1,700 units at $39 May 10 850 units at $41 1,190 units May 20 765 units at $43 May 14 1,020 units May 31 510 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 Cost of Purchases Quantity Purchases Quantity Cost of Merchandise Inventory Date Inventory Inventory Merchandise Sold Unit Cost Purchased Total Cost Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May 1 May 10 1111 May 12 Previous Next > Date Quantity Purchased Purchases Unit Cost Purchases Quantity Total Cost Sold Merchandise Sold Unit Cost Cost of Merchandise Inventory Sold Total Cost Quantity Inventory Unit Cost Inventory Total Cont May 1 May 10 May 12 May 14 May 20 D1II1 1 doll11 1100 May 31 May 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in, first-out method