Inventory balance, November 30, $7,465 EX 6-4 Perpetual inventory using LIFO Obj. 2, 3 Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out 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. W ME HOW EXCEL TEMPLATE Inventory balance, December 31, $8,064 EX 6-5 Perpetual inventory using LIFO Obj. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 310 units at 588 Purchases Dec. 10 20 144 units at $90 240 units ar 596 Sales Dec 12 14 31 W ME HOW EXCEL TEMPLATE 240 units 166 units 200 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 us- ing the first-in, first-out method Inventory balance, November 30, $7,465 EX 6-4 Perpetual inventory using LIFO Obj. 2, 3 Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out 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. W ME HOW EXCEL TEMPLATE Inventory balance, December 31, $8,064 EX 6-5 Perpetual inventory using LIFO Obj. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 310 units at 588 Purchases Dec. 10 20 144 units at $90 240 units ar 596 Sales Dec 12 14 31 W ME HOW EXCEL TEMPLATE 240 units 166 units 200 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 us- ing the first-in, first-out method