Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows Inventory Dec. 1 Purchases Dec. 10 Dec. 20 Sales Dec. 12 Dec. 14 Dec. 31 2,730 units 2,340 units 1,170 units 3,900 units at $31 1,950 units at $33 1,755 units at $35 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 Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1 3,900 31 120,900 3,90031 V Dec. 10 1.950V 64,350 120.900 1,950 v 64,350 | Dec. 12 1,950 64,350 3,865 X 31 119,815) 35 X 2,815X Dec. 14 2,340 72,540 Dec. 201,755V 35 61,425 v 31 Dec. 31 1,170 V 31 X 36,270 X Dec. 31 Balances