Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Purchases Dec. 10 Dec. 20 Sales Dec, 12 Dec, 14 Dec. 31 Dec. 1 310 units at $88 240 units 166 units 200 units 144 units at $90 240 units at $96 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 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Mathod Prepaid Call Phones Date Quantityuhases Dec. Purchases uantity Cost of Goods Sold Cost of Goods Sold Inventory Inventory Total Cost Sold Total Cost Quantity Uni Cost T 310 Purchased Unit Cost Unit Cost Total Cost 588 527,280 Dec. 12 Dec. 14 Dec. 31 Dec. 31 lances