Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 4,000 units at $22 Dec. 10 2,000 units at $24 Dec. 12 2,800 units Dec. 20 1,800 units at $26 Dec. 14 2,400 units Dec. 31 1,200 units 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 Lito, 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. Book Show Me How Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold WHO Prepaid Cell Phones Cost of Goods Sold Cost of Goods Sold Unit Cost Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1 Dec. 10 Dec 12 9 Dec. 14 Dec 20 DOO ll I 100 I 011 11111 IIIII III diller 1000 o 0 Dec 31 Dec 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in, first-out method