Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1,200 units May 20 1,200 units at $48 May 14 830 units May 31 1,000 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 5. 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. ***I NEED THIS WITH FIFO METHOD INSTEAD OF LIFO****

Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Sold Total Cost Quantity Unit Cost Total Cost Date May May Purchased Unit Cost Total Cost Sold Sold Unit Cost 1,550 $44 $68,200 10 May 12 May 14 May May 3 1 May 3 1 Balances