Perpetual Inventory Using LIFo Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: 1,550 units at $44May 10 May 20 May 1 720 units at $45 May 12 1,200 units 1,200 units at $48 May 14 830 units May 31 1,000 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 ifunts are in inventory at two different costs, erter the unes weh the HIGHER unit first in the Cost of Merchandise Sold unt Cost akma and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of repaid Cel Phones Inventory Unit Eveory Total Quantity Purchases Unit Purchases Total Quantity Cst of Merchandise Sold Unit Cost of Menchandise Sold Total Date Purchased May 1 Mty Balances method b. Based upon the preceding data, woukd you expect the inventory to be higher or lower using the frst-in rst-u All work saved