Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 3,700 units at $33 Purchases Dec. 10 1,850 units at $35 20 1,665 units at $37 Sales Dec. 12 2,590 units 14 2,220 units 31 1,110 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 Quantity Purchased Purchases Purchases Unit Cost Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Inventory Inventory Date Quantity Unit Cost Total Cost Dec. 1 3,700 33 122,100 Dec. 10 1,850 35 64,750 3,700 33 122,100 1,850 35 64,750 Dec. 12 1,850 35 64,750 Dec. 14 Dec. 20 1,665 37 61,605 Dec. 31 Dec. 31 Balances 1,110 37 41,070