Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales 2,600 units at May 1 May 10 1,300 units at 1,820 May 12 $26 $28 units 20 1,170 units at 1,560 14 $30 units 780 31 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 Cost of Merchandise Merchandise Purchases Purchases Quantity Sold Sold Quantity Unit Cost Total Cost Unit Cost Date Purchased Inventory Inventory Inventory Sold Total Cost Quantity Unit Cost Total Cost May 1 May 10 May 12 99 May 14 May 20 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? Higher Lower