Perpentury Ung Inventory Purchases May 1 3,000 $37 May 13 May 14 May 15 May May 10 thedule of Cast of Marchandise S Life Methad Date Quantity Purchased Purchases Unit Cast Purchases Tutal Cost Quantity Sold Cast of Mert Cast of Marchandise Sold Total Cost Inventory Questory Cory T May 12 May 18 May May 31 10 m Perpetual Inventory Using Lo Beginning inventory, purchases, and sales data for prepaid cell phones for Hay are as follows Inventory Purchases Sales May 1 2,600 units at $37 May 10 May 12 1,830 May 20 1,170 units at $43 May 14 1,500 May 31 4. Assuming that the perpetual inventory system is used, eating by the LIFO method, determine the cost of merchanded for each sale and the mentory Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HGHER unit cat first in the Cast of Merchandise Sold Unit Cost Schedule of Cest of Merchandise Sold LIFO Method Prepaid Cell Phones after schwing the and LOWER date Quantity Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Itory Un J Schelele of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Quantity Purchases Uni Date May 1 May Purchased: Cost Purchases Total Cost Quantity Sold Cast of Herchandise Sold Un Cast Cast of Merchandise Sold Total Inventory U Cast Quantity 0 @ 0 0 000 '0000 00000 teenbury Total Creat Balances 3. Based upon the printing data, would use the inventory to be higher Ang that the perpetual invertory system is used, couting by the UFO method, determine the cost of marchandise sold for wash sale and the invertory balance sheer sachse, sing the data in the form noted Estion 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost frst in the Cost of Merchandise Sold Una Cant column and LOWER unit cost fest in the Inventury Unit Col Quantity Parchuned Purchases Unit Purchases Total Cost Quantity Seld Cost Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Merchandise Sold Unit Cost of Merchandion Sold Total Cust Cost Inventory Inventory Unit Inventory Total May 1 May 10 BE 0.000 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first fin du thod? 00 000 1'0000 000000 1'0000 0000 00000 00000 Previous e... News Translate Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,600 units at $37 May 10 1,300 units at $39 May 12 1,820 units May 20 1,170 units at $41 May 14 1,560 units May 31 780 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWE Schedule of Cost of Merchan LIFO Method Prepaid Cell Phones Date Quantity Purchased May 1 Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cos May 10 0 May 12 May 14 May 20