Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Sales Dec. 1 3,000 units at $25 Dec. 10 1,500 units at $27 Dec. 12 2,100 units Dec 20 1,350 units at $29 Dec. 14 1,800 units Dec. 31 900 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 Bibit 4. Under LIFO, units are in inventory of 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 Cost column Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Cost of Goods Sold Cost of Goods Sold Sold Unit Cost Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec 1 Dec 10 0 1001 Dec 12 110 Dec. Dec 20 I Dec. 31 Dec 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the hist-in, first-out method