Inventory Purchases Sales May 1 1,900 units at $24 May 10 950 units at $26 May 12 1,330 units May 20 855 units at $28 May 14 1,140 units May 31 570 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale presenting the data in the form illustrated in the Under LIFO, units are in inventory two different counter the units with the HIGHER unit cost first in the cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the inventory Unit Cost column Schedule of Cost of Merchandise Sold Purchases Unit Purchases Total Quantity Cost of Merchandise Cost of Merchandise Sold Total Cost Inventory Quantity mory Unity b. Based upon the pret