Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 4,200 units at $31 Purchases Dec. 10 2,100 units at $33 20 1,890 units at $35 Sales Dec. 12 2,940 units 14 2,520 units 31 1,260 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Dec. 1 Dec. 10 Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Purchased Unit Cost Total Cost 388

Perpetual inventory using UFo Beginning inventory, purchases, and sales data for prepald cell phones for December are as follows: Inventory Dec 14,200 units at $31 a. Assuming that the perpetual inventery system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each saie, presenting the data in the form illustrated in fxhibit 4. Under HFO, If units are in inventory at two different costs, enter the units with the HIGHER unit cos first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the inventory Unit Cost column. a. Assuming that the perpetual inventory system is vsed, costing by the LIFO method, determine the cost of goods sold far each sale and the inventory balance after each sale, presenting the data in the form ilistrated in Exhibit 4, Under LFO, If units are in inventory at two different costs, enter the units with the HiGrER unic cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Imventory Unit Cost column. b. Based upon the preceding data, would vou expect the inwentory to be higher or lower using the firative, fint-ous matioo