Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,000 units at $36 May 10 2,000 units at $38 May 12 2,800 units May 20 1,800 units at $40 May 14 2,400 units May 31 1,200 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 Merchandise Sold Unit Cost of Merchandise Sold Total Cost Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Quantity Sold Cost Inventory Quantity 4,000 Inventory Unit Cost $ 36 Inventory Total Cost 144.000 $ May 1 May 2,000 $ 38 $ 76,000 4,000 V 36 V 144,000 10 1 76,000 2,000 1.400 38 36 $ $ 76.000 x 50.400 x 2.000 800 2.400 38 36 36 28,800 86,400 | 36,000 X 1,800 40 72,000 36 V 36 40 36,000 1,000 x 1,000 X 1.800 1,000 x 200 x x 72.000 36,000 1,200 40 48,000 x 8.000 x 31 Balances $ 239,200 $ 602.400 X