akeAssignmentMain.do?invoker=&takeAssignmentSessionLocatore &inprogress=false eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1,200 units 20 1,200 units at $48 14 830 units 31 1,000 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold fo sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost colume: LOWER unit cost first in the Inventory Unit Cost column Schedule of cost of Merchandise LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Date May 10 akeAssignment takeAssignm assionLocator Einprogress lalse eBook Show Me How Schedule of Cost of Merchandise Sold UFO Method Prepaid Cell Phone: Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total cost Quantity Date Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost May 1 May 10 May 12 May 14 May 20 E May 31 May 31 Balances Check My Work