May 1 1,800 units at $30 May 10 20 900 units at $32 810 units at $34 May 12 1,260 units 14 31 1,080 units 540 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 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 Cost of Merchandise Quantity Purchases Unit Cost Purchases Total Cost Quantity Sold Sold Unit Cost Cost of Merchandise Sold Total Cost Date Purchased Inventory Quantity Inventory Inventory Unit Cost Total Cost May 1 1,800 30 54,000 May 10 900 32 28,800 1,800 25 X 54,000 900 32 28,800 May 12 900 32 28,800 May 14 May 20 May 31 810 34 V 27,540 May 31 Balances