LI Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 4,100 units at $36 Dec. 10 2,050 units at $38 Dec. 12 2,870 units Dec. 20 1,845 units at $40 Dec. 14 2,450 units Dec. 31 1,230 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cast column. Schedule of Cost of Goods Sold UFO Method Prepaid Cell Phones Purchases Quantity Purchases Quantity Cost of Goods Cost of Goods Sold Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Dec 4,100 36 1 Dec 10 2.050 77,900 4.100 36 2.050 35 1 0000 Dec 12 2,050 3 77,000 820 346 29.520 Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Cost of Goods Cost of Goods Sold Inventory Sold Sold Unit Cost Total Cost Quantity Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Unit Cost Inventory Total Cost 4,100 Dec 1 Dec. 10 2,050 77.900 4,100 2,050 Dec 12 2,050 38 77.900 20 36 29.520 900 10000 Nopil 10000 10000 000000 Dec 14 2,460 36 8,56 Dec 20 1.45 40 7. Dec 31 1.330 40 49.100 Dec. 31 Balances 245.18 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first in, fest-out method