6 Account Online t.. Assignm. Cannot op-tp ni pter 7 Inventories Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Purchases Sales May 12 May 14 May 31 1,550 units at $44May 10 720 units at $45 1,200 units 830 units 1,000 units May 20 1,200 units at $48 Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the ventory balance after each sale, presenting the data in the form illustrated in Exhibit 4 UndeLIFO' if units are in inventory at two different SS ter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost lumn. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Purchases Total Cost Quantity Sold Merchandise Sold Merchandise Sold Inventory InventoryInventory Cost of te Quantity Purchased QuantityUnit Cost Total Cost Unit Cost Unit Cost Total Cost 1,550 448.200 68,200 V 72045 $32.40 32.400 720 3501 44V 15,400 X 44 X $2,800 X 1,200 X Previous Next My Work