Perpetual reventory Using Iro Beginning inventory. purchases and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales My 1 4,100 units at 24 May 10 2,050 units at 126 May 12 2,870 units 1.845 units at 20 143,460 units 31 1.230 units a. Asuming that the perpetual inventory system is used, costing by the method determine the cost of merchandises for each sale and the westery balance maching the data in the usted in 4. Under LIFO, if units are in inventory of two afferent costs, me the units with the HIGHER Printe Cost of Marchandise font Costco Low Kit et tout Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones cost of Cost of Merchandise Merchandise Sold Unit Cout Total Cost Sold Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May May 10 Hay 13 Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Purchases Purchases Quantity Unit Cost Total Cost Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 May 10 ol May 12 58 May 14 May 20 11 May 3 May 31 Balances natances o b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in, tout method Prey May 14 88 0 May 20 a 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 e Remaining: 2:11:39 All work saved 5,564 12 O stv A &