Inventory Purchases Sales May 1 1.800 units at $25 May 10 900 units at $27 May 12 1.260 units May 20 810 units at $29 May 14 1,000 units May 31 540 units Assuming that the perpetual inventory system is used, costing by the UFO method, determine the cost of merchandise sold for sale and the inventory balance after each sale, presenting the Exhibit 4. Under LIFO, units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost fint in the Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Inventory Inventory Purchased Cost Cost Sold Cost Cost Quantity Cost May 1 May 10 5 12 May May 20 May 11 2 tore Bad on the preceding data od vou expect the inventore to be higher or the first A Work ved a o a 11