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ControlBeginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3 1 0 units at

ControlBeginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
Inventory Purchases Sales
Dec. 1310 units at $88 Dec. 10144 units at $90 Dec. 12240 units
20240 units at $9614166 units
31200 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.
B) Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?
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Check Figure: Inventory balance, December 31, $8,064

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