Chapter 6: Assignment 3 Perpetventory Ungur Beginning inventory, purchases, and data for prepaid cell phones for December are as follows Laventory Purchases Sales 2.400 units at $20 Dec. 10 1.200 units at $22 Dec 12 1,680 units Dec. 20 1,000 units at $24 Dec 14 1.440 Dec. 31 720 units a. Assuming that the perpetual entory stem is used, costing by the Laro method, determine the cost of goods sold for each sale and the inventory balance after each sa, presenting the data in the form dlustrated in Exhib Under UFOs are inventory at two different costs, enter the rats with the HIGHER Ut cost first in the cost of Goods Sold Unt Cost column and LOWER un cost first in the inventory Unit Cost column Schedule of Cost of Goods Sold UFO Method Prepaid Cell Phones Date Quently Purchased Pundiases Unt Cost Purchases Total Com Quantity Sold cost of Goods Sold Unt Cost Cool Goods Sold Total Cost InventoryQuantity Inventory Unit Cost Inventory Total Cost Dec 1 2,400 400.000 Dec 10 1.200 2 26.400 240 20 1,200 22 26.400 Dec 12 1.200 22 26.100 20 20 1.200 20 Det I a lll Dec. 31 Dec. 31 720 units a. Assuming that the perpetual inventory system is used, costing by the uro method, determine the cost of goods sold for each and the very balance after each sale, presenting the data in the form ustra Under UFO, units are in inventory at two different costs, enter the units with the HIGHER Unit cost first in the cost of Goods Sol Unit Cost column and LOWER cost first in the inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepard Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Good Son Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Tot Dec 1 2.400 20 48000 Dec 10 1200 22 2.400 20 48.000 1.200 26.400 Dec 12 1100 26,400 20 20 Dec 14 1,200 20 Dec 20 Dec 31 Dec 31 cm I. Based upon the preceding date, wo you expect the inventory to be higher or lower using the first in tout method