5. Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: 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 balance after each sale. i. Dec. 12 ii. Dec. 14 iii. Dec. 31 b. Based upon the preceding data, would you expect the ending inventory balance to be higher or lower using the first-in, first-out method? Why