Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:

Inventory	Purchases	Sales
May 1- 1,550 units at $44	May 10- 720 units at $45	May 12- 1,200 units
	May 20- 1200 Units at $48	May 14- 830 units
		May 31- 1,000 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.

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?