May 10 Perpetual Inventory Using UFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,100 units at $20 1,050 units at $22 May 12 1.470 units May 20 945 units at $24 May 14 1,260 units May 31 630 units a. Assuming that the perpetual inventory system is used, costing by the UFO method, determine the cost of merchandise sold for each sale and the inventory batan after each sale, presenting the data in the form illustrated in Exhibit 4. Under LFO, 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 Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May 2,100 30 1 May 10 1.490 22 May 12 30 9 May 14 May 20 May 31