perpetual inventory using lifo beginning inventory, purchases, sales data for prepaid cell phones for December are as follows: Dec 1 2,300 units at $22

Dec 10 1150 unites at $24

Dec 12

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows Inventory Dec. 1 Purchases Dec. 10 Dec. 20 Sales 1,610 units 1,380 units 690 units 2,300 units at $22 1,150 units at $24Dec. 12 1,035 units at $26 Dec. 14 Dec. 31 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 tQuantity Purchases Unit Purchases Total Quantity Cost of Goods Sold Cost of Goods Sold Inventory Inventory Unit Inventory Total Cost Cost Sold Unit Cost Total Cost Cost Cost Dec 2.300 Dec 10 1.150 27,600 1610 12