Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 Purchases May 10 May 20 Sales May 1 May 14 May 31 2,500 units at $23 1,250 units at $25 2 1,750 units 1,125 units at $27 1,500 units 750 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determin presenting the data in the form illustrated in Exhibit 4, Under LIFO, if units are in inventory at two different cost Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. e the cost of merchandise sold for each sale and the inventory balance after each sale, s, enter the units with the HIGHER unit cost first in the Cost of Merchandise Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Date Quantity Purchased May 1 May 10 Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Inventory Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Total Cost May 12 May 14 May 20 May 31 May 31 Balances upon the preceding data, would you expect the inventory to be higher or loweru sing the first-in, first-out method