Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 1,500 units at $22 Dec. 10 750 units at $24 Dec. 12 1,050 units 20 675 units at $26 14 900 units 31 450 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 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 fill in the blank 3b2b79f99053fe1_1 fill in the blank 3b2b79f99053fe1_2 fill in the blank 3b2b79f99053fe1_3 Dec. 10 fill in the blank 3b2b79f99053fe1_4 fill in the blank 3b2b79f99053fe1_5 fill in the blank 3b2b79f99053fe1_6 fill in the blank 3b2b79f99053fe1_7 fill in the blank 3b2b79f99053fe1_8 fill in the blank 3b2b79f99053fe1_9 fill in the blank 3b2b79f99053fe1_10 fill in the blank 3b2b79f99053fe1_11 fill in the blank 3b2b79f99053fe1_12 Dec. 12 fill in the blank 3b2b79f99053fe1_13 fill in the blank 3b2b79f99053fe1_14 fill in the blank 3b2b79f99053fe1_15 fill in the blank 3b2b79f99053fe1_16 fill in the blank 3b2b79f99053fe1_17 fill in the blank 3b2b79f99053fe1_18 fill in the blank 3b2b79f99053fe1_19 fill in the blank 3b2b79f99053fe1_20 fill in the blank 3b2b79f99053fe1_21 Dec. 14 fill in the blank 3b2b79f99053fe1_22 fill in the blank 3b2b79f99053fe1_23 fill in the blank 3b2b79f99053fe1_24 fill in the blank 3b2b79f99053fe1_25 fill in the blank 3b2b79f99053fe1_26 fill in the blank 3b2b79f99053fe1_27 Dec. 20 fill in the blank 3b2b79f99053fe1_28 675 fill in the blank 3b2b79f99053fe1_29 26 fill in the blank 3b2b79f99053fe1_30 fill in the blank 3b2b79f99053fe1_31 fill in the blank 3b2b79f99053fe1_32 fill in the blank 3b2b79f99053fe1_33 fill in the blank 3b2b79f99053fe1_34 fill in the blank 3b2b79f99053fe1_35 fill in the blank 3b2b79f99053fe1_36 Dec. 31 fill in the blank 3b2b79f99053fe1_37 fill in the blank 3b2b79f99053fe1_38 fill in the blank 3b2b79f99053fe1_39 fill in the blank 3b2b79f99053fe1_40 fill in the blank 3b2b79f99053fe1_41 fill in the blank 3b2b79f99053fe1_42 fill in the blank 3b2b79f99053fe1_43 fill in the blank 3b2b79f99053fe1_44 fill in the blank 3b2b79f99053fe1_45 Dec. 31 Balances fill in the blank 3b2b79f99053fe1_46 fill in the blank 3b2b79f99053fe1_47 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?