Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,100 units at $34 May 10 1,550 units at $36 May 20 1,395 units at $38 May 12 May 14 May 31 2,170 units 1,860 units 930 units 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 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 column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Date Purchased Unit Cost Total Cos Inventory Inventory Sold Merchandise Sold Unit Cost Merchandise Sold Total Cost Total Sold Unit Cost Total Cost May May 10 May May 14 May 20 May May Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method