Exam Chapter 5-6 Perpetual Iventery Using LEFO Beginning Inventory, purchases, and sales dsta for prepaid cell phenes for July are as follows Ieventory July 1 Purchases 2,400 units at $21 July 10 July 20 1,200 units at $23July 12 1,680 units 1,080 units at $25 uly 14 1,440 units 720 units July 31 a. Assuming that the perpetual Inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each Schedule of Cost of Merchandise Sold LIFO Method Oste Purchased July 1 Cost of Merchandise Sold Unt Cost of Merchandise Sold TotalInventory Quantity Cost $21