Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,500 units at $23 May 10 1,750 units at $25 May 12 2,450 units May 20 1,575 units at $27 May 14 2,100 units May 31 1,050 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 Purchases Quantity Cost of Total Cost Merchandise Sold Merchandise Sold Sold Unit Cost Total Cost Date Quantity Purchased Purchases Unit Cost Inventory Inventory Quantity Unit Cost May Inventory Total Cost 1 May 10 May 1101 Check My Work ar eBook Show Me How Calculator Print Item UNTE COSE Column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Purchases Quantity Merchandise Sold Merchandise Sold Total Cost Sold Unit Cost Total Cost Quantity Date Purchased Purchases Unit Cost Inventory Inventory Quantity Unit Cost Inventory Total Cost May 1 May 10 May 12 Quo Doo May 14 May 20 QI01 Dull DIIII 000 IDIO May 31 o May 31 Balances