30 Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the first-in, first-out Determine the cost of the merchandise sold for each sale and the inventory balance b. Based upon the preceding data, would you expect the inventory to be higher or lower method fter each sale, presenting the data in the form illustrated in Exhibit 3 using the last-in, first-out method? OBJ. 2, 3 EX 7-4 Perpetual inventory using LIFO Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4 EX 7-5 Perpetual inventory using LIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Sales 30 Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the first-in, first-out Determine the cost of the merchandise sold for each sale and the inventory balance b. Based upon the preceding data, would you expect the inventory to be higher or lower method fter each sale, presenting the data in the form illustrated in Exhibit 3 using the last-in, first-out method? OBJ. 2, 3 EX 7-4 Perpetual inventory using LIFO Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4 EX 7-5 Perpetual inventory using LIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Sales