Calouator Perpetual Inventory Using LIFCo Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Sales May 12 May 14 May 31 1,600 units at $29 1,440 units at $31 2,240 units 1,920 units 960 units 3,200 units at $27 May 10 May 20 entry balance a ter each ie a. Assuming that the perpetual inventory system is used costing by the LFO method, determine the cost of merchandise sold for eich sale and the i 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 Methed Prepaid Cell Phones Date Purchased Total Cost Unit Cost Cost May 12 May 31 31 Balances Email Instructor Submit Test for Grading All work saved Prepaid Cell Phones Inventor Quantity Cost of Merchandise Sold Total Cost Cost of Merchandise Sold Quantity Purchases Unit Purchases Total Quantity Unit Cost Date Purchased Sold Cost Cost May 12 May 14 May 31 May Balances 31 Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? b. All work saved