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

Inventory		Purchases		Sales
May 1	2,300 units at $28	May 10	1,150 units at $30	May 12	1,610 units
		20	1,035 units at $32	14	1,380 units
				31	690 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
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Merchandise Sold Unit Cost	Cost of Merchandise Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
May 1							fill in the blank e13f7dff0ffdfdd_1	$fill in the blank e13f7dff0ffdfdd_2	$fill in the blank e13f7dff0ffdfdd_3
May 10	fill in the blank e13f7dff0ffdfdd_4	$fill in the blank e13f7dff0ffdfdd_5	$fill in the blank e13f7dff0ffdfdd_6				fill in the blank e13f7dff0ffdfdd_7	fill in the blank e13f7dff0ffdfdd_8	fill in the blank e13f7dff0ffdfdd_9
							fill in the blank e13f7dff0ffdfdd_10	fill in the blank e13f7dff0ffdfdd_11	fill in the blank e13f7dff0ffdfdd_12
May 12				fill in the blank e13f7dff0ffdfdd_13	$fill in the blank e13f7dff0ffdfdd_14	$fill in the blank e13f7dff0ffdfdd_15	fill in the blank e13f7dff0ffdfdd_16	fill in the blank e13f7dff0ffdfdd_17	fill in the blank e13f7dff0ffdfdd_18
				fill in the blank e13f7dff0ffdfdd_19	fill in the blank e13f7dff0ffdfdd_20	fill in the blank e13f7dff0ffdfdd_21
May 14				fill in the blank e13f7dff0ffdfdd_22	fill in the blank e13f7dff0ffdfdd_23	fill in the blank e13f7dff0ffdfdd_24	fill in the blank e13f7dff0ffdfdd_25	fill in the blank e13f7dff0ffdfdd_26	fill in the blank e13f7dff0ffdfdd_27
May 20	fill in the blank e13f7dff0ffdfdd_28	fill in the blank e13f7dff0ffdfdd_29	fill in the blank e13f7dff0ffdfdd_30				fill in the blank e13f7dff0ffdfdd_31	fill in the blank e13f7dff0ffdfdd_32	fill in the blank e13f7dff0ffdfdd_33
							fill in the blank e13f7dff0ffdfdd_34	fill in the blank e13f7dff0ffdfdd_35	fill in the blank e13f7dff0ffdfdd_36
May 31				fill in the blank e13f7dff0ffdfdd_37	fill in the blank e13f7dff0ffdfdd_38	fill in the blank e13f7dff0ffdfdd_39	fill in the blank e13f7dff0ffdfdd_40	fill in the blank e13f7dff0ffdfdd_41	fill in the blank e13f7dff0ffdfdd_42
							fill in the blank e13f7dff0ffdfdd_43	fill in the blank e13f7dff0ffdfdd_44	fill in the blank e13f7dff0ffdfdd_45
May 31	Balances					$fill in the blank e13f7dff0ffdfdd_46			$fill in the blank e13f7dff0ffdfdd_47

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?