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 $31 May 10 1,300 units at $33 May 12 1,820 units 20 1,170 units at $35 14 1,560 units 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 and 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 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 Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 May 10 May 12 59 May 14 May 20