Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchases Sales Inventory 3,900 units at $31 May 10 1,950 units at $33 May 12 2,730 units May 1 1 1,755 units at $35 May 14 2,340 units May 20 May 31 1,170 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, presenting the data in the form illustrated in Exhibst 4. Under LIFO, if units are in inventory at two dfferent costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unt cost first in the Inventory Unit Cost column. LIFO Method Quantity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Uait Inventory Total Total Cost QuantityPurchases Unit Purchases Cost Date Purchased Cost Cost Sold Unit Cost May 12 14 May 20 May 31 May Balances 31 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first out method