Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows Inventory Dec. 1 Purchases Dec. 10 Dec. 20 Sales Dec. 12 Dec. 14 Dec. 31 1,470 units 1,260 units 630 units 2,100 units at $37 1,050 units at $39 945 units at $41 a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods soid for each sale and the inventory balance after eac 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 t 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 Cel Phones nventory Unit Inventory Total Purchases Unit Purchases Total Quantity Cost of Goods Sold UnitCost of Goods Sold Total Inventory .oun..y Date Purchased Dec.1 Dec Cost Cost Sold Cost 10 Dec Dec 14 20 PreviousNext