Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for July are as follows Inventory July 1 Purchases July 10 July 20 Sales July 12 July 14 July 31 850 units at $37 1,190 units 1,020 units 510 units 1,700 units at $35 765 units at $39 Hide 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 Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cos Date July 1 July 10 Quantity Purchased Purchases Unit Cost Purchases Total Cost 1,700 $ July 12 July 14 July 20 July 31 July 31 Balances