Perpetual Inventory Using LIFO beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1.700 units at $40 May 10 850 units $42 May 12 1,190 units 20 765 units at $44 14 1.020 units 31 510 units Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each and the inventory balance after each presenting the date the form mustrated in bit 4 Under uro, units are in Inventory at we offerent costs, enter the units with the HIGHER un cost first in the cost of Merchandise Soldnt Cost column and Lowent to the Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Quantity Date Purchased Hay 1 May 10 May 12 o o Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 May 10 May 12 May 14 May 20 11 I ml 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