Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:

Inventory		Purchases		Sales
May 1	2,600 units at $31	May 10	1,300 units at $33	May 12	1,820 units
		May 20	1,170 units at $35	May 14	1,560 units
				May 31	780 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.

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,600 units at $31 1.300 units at $33 1,820 units May 10 May 20 May 12 May 14 1,170 units at $35 1,560 units May 31 780 units a. Assuring 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 Inventary Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Unit Inventory Total Date Purchased Cost Cost Sold Unit Cost Total Cost Quantity Cost Cost May 1 May 10 May 12 Li 10000 I 110 Doblo bon, LIIII 10.01 May 14 May 20 . I May 31 May 31 Balances balonces b. Based upon the preceding dola, would you expect the inventory to be higher or lower using the first-in, first-out method