Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchases Sales Inventory May 1 3,500 units at $30 May 10 May 20 1,750 units at $32 1,575 units at $34 May 12 2,450 units May 14 2,100 units May 31 1,050 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 Purchases Purchases Quantity Cost of Quantity Cost of Merchandise Sold Date Merchandise Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost May 1 May 10 1,750 $ 32 May 12 110 110 May 14 111 11111 III LII100 May 20 1,575 34 1110 May 31 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