Inventory Purchases Sales Dec. 1 2,100 units at $31 Dec. 10 1,050 units at $33 Dec. 12 1,470 units Dec. 20 945 units at $35 Dec. 14 1,260 units Dec. 31 630 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. Under LIFO, If units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Date Quantity Cost of Goods Sold Cost of Goods Sold Inventory Inventory Unit Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total CosI Quantity Cost Total Cost Dec. 1 Dec 10 o o Dec 12 010 QOI Dec 10000 10000 POOLI 1000 Dec 20 o 000 0 o Dec. 31 Dec 31 3 Dec 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in, first-out method