Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,200 units at 523 May 10 2,100 units at $25 May 12 2.940 units May 20 1,890 units at $27 May 14 2,520 units May 31 1.260 hits 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 UFO, 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 Purchases Purchases Date Quantity Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Unit Cost Total Cost May 4,200 1 23.00 96,600.00 May 2,100.00 25.00 52,500.00 4,200.00 23.00 26.600.00 10 2.100.00 25.00 52.510.00 May 2.100.00 25.00 52.500.00 1.160.00 21.00 77,280.00 12 310.00 23.00 19.320.00