JURIS HAVE Been Adjus... | Chegg.com CengageNOWV21 Online teaching and learning resource from Cengage Learning Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchases Sales 1,800 units at $25 May 10 May 20 900 units at $27 810 units at $29 May 12 May 14 May 31 1,260 units 1,080 units 540 units Inventory May 1 0 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 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 Purchased Purchases Unit Cost Furchases Quantity Cost of Merchandise Total Cost Sold Sold Unit Cost May 1 19 May 10 May 12 May All work saved. 110000 0000 0000 Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost 100 > Email Instructor Submit Assignment for Grading 5 1000 Prepaid Cell Phones Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Quantity Date Purchased Purchases Unit Cost Purchases Quantity Cost of Merchandise Total Cost Sold Sold Unit Cost May 1 May 10 May 12 May 14 May 20 May 31 May Balances 31 000 000 0 0 0000 0000 00000 00000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? All work saved. tv 0000000000 Previous Next> Email Instructor Submit Assignment for Grading