3) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? 4) Perpetual Inventory Using FIFO Beginning inventory, purchoses, and sales data for prepaid celt phones for May are as follows: Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merehandise sold for each sale and the inventory balance after cach stile. Exericise 3 ExeecISE 4