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, 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

Dec 1 - 310 units at $88

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales 310 units at $88 144 units at $90 240 units Dec. 1 Dec. 10 Dec. 12 Dec. 20 240 units at $96 166 units Dec. 14 200 units Dec. 31 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, 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Sold Purchases Unit Purchases Total Cost Cost of Goods Sold Cost of Goods Sold Total Cost Inventory Quantity Inventory Total Quantity Purchased Inventory Unit Cost Date Unit Cost Cost Cost Dec. $88 $27,280 310 1 Dec. 10 Dec 12 Dec. 14 Dec. 20 Dec. 31 Dec. Balances 31 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method