Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 2,400 units at $25 May 10. 1,200 units at $27 May 12 1,680 units 20 1,080 units at $29 14 1,440 units 31 720 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 Cost of Merchandise Merchandise. Sold Total Cost Purchases Purchases Quantity Quantity Sold Unit Cost Unit Cost Total Cost Sold Date Purchased May 1 Inventory Inventory Inventory Quantity Unit Cost Total Cost May 10 May 12 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 Quantity Date Purchased Purchases Purchases Quantity Unit Cost Total Cost Sold May 1 May 10 May 12 May 14 May 20 May 31 May 31 Balances 1 0 Cost of Cost of Merchandise Merchandise Sold Unit Cost Sold Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost 889 0 0 00 000 00000 00000 000000 0000