Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory May 1 1,200 units at $25 Purchases May 10 May 201 Sales 600 units at $27 540 units at $29 May 12 May 14 840 units 720 units May 31 360 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 Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May 1 May 10 May 12 May 14 May 000 000 000 0000 0000 20 000 000 0000 000 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 Sold Unit Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold May 1 May 10 May 12 May 14 May 20 May 31 0 000 Cost of Merchandise Sold Total Cost 0 0 000 Inventory Quantity 0000 00000 Inventory Unit Cost 00000 0000 Inventory Total Cost 0000 000000 May Balances 31 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method