Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,500 units at $22 May 10 1,750 units at $24 May 12 2,450 units 20 1,575 units at $26 14 2,100 units 31 1,050 units Question Content Area 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 Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1 fill in the blank 0866dc00502cfcb_1 $fill in the blank 0866dc00502cfcb_2 $fill in the blank 0866dc00502cfcb_3 May 10 fill in the blank 0866dc00502cfcb_4 $fill in the blank 0866dc00502cfcb_5 $fill in the blank 0866dc00502cfcb_6 fill in the blank 0866dc00502cfcb_7 fill in the blank 0866dc00502cfcb_8 fill in the blank 0866dc00502cfcb_9 fill in the blank 0866dc00502cfcb_10 fill in the blank 0866dc00502cfcb_11 fill in the blank 0866dc00502cfcb_12 May 12 fill in the blank 0866dc00502cfcb_13 $fill in the blank 0866dc00502cfcb_14 $fill in the blank 0866dc00502cfcb_15 fill in the blank 0866dc00502cfcb_16 fill in the blank 0866dc00502cfcb_17 fill in the blank 0866dc00502cfcb_18 fill in the blank 0866dc00502cfcb_19 fill in the blank 0866dc00502cfcb_20 fill in the blank 0866dc00502cfcb_21 May 14 fill in the blank 0866dc00502cfcb_22 fill in the blank 0866dc00502cfcb_23 fill in the blank 0866dc00502cfcb_24 fill in the blank 0866dc00502cfcb_25 fill in the blank 0866dc00502cfcb_26 fill in the blank 0866dc00502cfcb_27 May 20 fill in the blank 0866dc00502cfcb_28 fill in the blank 0866dc00502cfcb_29 fill in the blank 0866dc00502cfcb_30 fill in the blank 0866dc00502cfcb_31 fill in the blank 0866dc00502cfcb_32 fill in the blank 0866dc00502cfcb_33 fill in the blank 0866dc00502cfcb_34 fill in the blank 0866dc00502cfcb_35 fill in the blank 0866dc00502cfcb_36 May 31 fill in the blank 0866dc00502cfcb_37 fill in the blank 0866dc00502cfcb_38 fill in the blank 0866dc00502cfcb_39 fill in the blank 0866dc00502cfcb_40 fill in the blank 0866dc00502cfcb_41 fill in the blank 0866dc00502cfcb_42 fill in the blank 0866dc00502cfcb_43 fill in the blank 0866dc00502cfcb_44 fill in the blank 0866dc00502cfcb_45 May 31 Balances $fill in the blank 0866dc00502cfcb_46 $fill in the blank 0866dc00502cfcb_47 Question Content Area b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method