Question: Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec.

Perpetual inventory using LIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
Inventory
Date Units and Cost
Dec. 11,900 units at $20
Purchases
Date Units and Cost
Dec. 10950 units at $22
20855 units at $24
Sales
Date Units
Dec. 121,330 units
141,140 units
31570 units
Question Content Area
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.
Schedule of Cost of Goods Sold
LIFO Method
Prepaid Cell Phones
Date
Quantity
Purchased
Purchases
Unit Cost
Purchases
Total Cost
Quantity
Sold Cost of
Goods Sold
Unit Cost Cost of
Goods Sold
Total Cost
Inventory
Quantity
Inventory
Unit Cost
Inventory
Total Cost
Dec. 1 Dec. 1
Dec. 1
Dec. 1
Dec. 10 Dec. 10
Dec. 10
Dec. 10
Dec. 10
Dec. 10
Dec. 10
fill in the blank 31874cf7dfe1fe4_10
fill in the blank 31874cf7dfe1fe4_11
fill in the blank 31874cf7dfe1fe4_12
Dec. 12 Dec. 12
Dec. 12
Dec. 12
Dec. 12
Dec. 12
Dec. 12
fill in the blank 31874cf7dfe1fe4_19
fill in the blank 31874cf7dfe1fe4_20
fill in the blank 31874cf7dfe1fe4_21
Dec. 14 Dec. 14
Dec. 14
Dec. 14
Dec. 14
Dec. 14
Dec. 14
Dec. 20 Dec. 20
Dec. 20
Dec. 20
Dec. 20
Dec. 20
Dec. 20
fill in the blank 31874cf7dfe1fe4_34
fill in the blank 31874cf7dfe1fe4_35
fill in the blank 31874cf7dfe1fe4_36
Dec. 31 Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
fill in the blank 31874cf7dfe1fe4_43
fill in the blank 31874cf7dfe1fe4_44
fill in the blank 31874cf7dfe1fe4_45
Dec. 31 Balances Dec. 31
Dec. 31
Question Content Area
b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out m

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