Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,800 units at $26 Dec. 12 1,960 units Dec. 10 Dec 20 1,400 units at $28 1,260 units at $30 Dec. 14 1,680 units Dec. 31 840 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. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Cost of Goods Cost of Goods Sold Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Unit Cost Date Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec 1 Dec 10 Dec 12 Dec 14 Dec 20 1110 11110 1001 10000 10 I 110 o DUIIII III Ql1 1 0 o Dec 31 o Dec 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