jmentMain.do?invoker=&takeAssignmentSessionLocator &inprogress-false Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: 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 8.30 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 sale and the inventory balance after each sale, presenting the data in the form ilustrated 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May May 10 May 12 May 14 Previous Next Sign out INTL