Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Sales Inventory 3,700 units at Dec. 1 $25 Purchases 1,850 units at Dec. 10 $27 1,665 units at Dec. 20 Dec. 12 Dec. 14 Dec. 31 2,590 units 2,220 units 1,110 units $29 a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrat inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Dec. 1 Dec. 10 Dec. 12 Dec. 14 Dec. 20 Dec. 31 Dec. 31 Balances