Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows Inventory May 1 2,600 units at $37 Purchases May 10 May 20 1.300 units at $39 1,170 units at $41 Sales May 12 1.820 units May 14 1.560 units May 31 780 units Best Buy Official a. Assuming that the perpetual inventory system is used, costing by the LIFO method. dermine the cost of marchande sild for each sale and the inventory balance after each sale, presenting the dess in the found in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HOGHER unit cst first in the Cost of Merchandise Sold Unit Cat clans and LOWER unit cost first in the Inery Cont Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold May 1 May 10 May 12 May 14 May 20 May 31 Schedule of Cost of Herchandise Sold LIFO Hethod Prepaid Cell Phones Cost of Merchandise Sold Unit Cost of Merchandise Sold Total 0000 Cost 000 00 Cast Inventory Und Total 10000 00000 1'0000 00000 10000 000000 May 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method