Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows a. Assuming that the perpetual inventory system is used, costing by the LIFO 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 5 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-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. The following units of an item were available for sale during the year: The firm uses the perpetual inventory system, and there are 5, 200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO? The following units of a particular item were available for sale during the calendar year The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, Present the data in the form illustrated in Exhibit 6. The following units of a particular item were available for sale daring the calendar year