Using FIFO eaching and loan+ Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales data for prepaid cell phones for July are as follows: Inventory July 1 Sales 2,100 units at $20 uly 10 1,050 units at $22 July 12 1,470 units 945 units at $24 July 14 1,260 units July 20 July 31 630 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of each sale and the inventory balance after each sale. merchandise sold for Schedule of Cost of Merchandse Sold LIFO Method Date Quantity Purchases Purchases Quantity Cost of Merchandise Cos nventoryInventory Inventory Quantity Unit Cost Total Cost Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost 2100 $20 942000 uly 10 uly 12 July July 31 July Balances 31 All work saved