Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 Purchases 1,600 units at $39 Dec. 10 Dec. 20 800 units at $41 720 units at $43 Sales Dec. 12 Dec. 14 Dec. 31 1,120 units 960 units 480 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 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 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 Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Total Cost Quantity Unit Cost Total Cost Unit Cost Date Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 BBB 0000 00000 Dec. 20 Dec. 31 Dec. 31 Balances 0 0 000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method