Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 12 1,200 units May 20 1,200 units at $48 May 14 830 units May 31 1,000 units a. Assuming that the perpetual Inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sa 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 the different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first ir the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Purchases Quantity Cost of Quantity Date Purchases Purchased Merchandise Sold Merchandise Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Total Cost Cost of Total Cost Unit Cost Unit Cost May 1 May 10 May 12 Jl. May 14 Check My Work