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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. units at $ Dec. units at $ Dec. units
units at $ units
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
B Based upon the preceding data, would you expect the inventory to be higher or lower using the firstin firstout method?
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Check Figure: Inventory balance, December $
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