Perpetual inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: a. Assuming that the perpetual inventory system is used, costing by the LFO method, determine the cost of goods sold for each sale and the inventory balance aff 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 first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the inventory Unit Cost column. 1 more Check My Wark uses remaining All work saved Dec. 31 Dec. 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