Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 1,200 units at $28 May 10 600 units at $30 May 12 840 units 20 540 units at $32 14 720 units 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 Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Quantity Date Purchased May 1 Inventory Inventory Inventory Quantity Unit Cost Total Cost May 10 May 12 May 14 ml 10 will bui 01Ilu May 20 o o May 31 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