Tupe ventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 2,300 units at $27 Dec. 10 1.150 units at $29 Dec 12 1,610 units Dec. 20 1,035 units at $31 Dec. 14 1,380 units Dec. 31 690 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 blance ter each sa preting the data in the form illustrated in Echibit . Under UFO, if units are in inventory at two different costs, enter the unit with the HIGHER unit cost first in the cost of Goods Sold ont Cost comand LOWER unit cost first in the Inventory Unit Cost column