Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,200 units at $36 May 10 May 12 2,940 units 2,100 units at $38 1,890 units at $40 May 20 May 14 2.520 units May 31 1,260 units a. Assuming that the perpetual inventory system is used, costing by the upo 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 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Cost of Purchases Quantity Sold Merchandise Sold Total Cost Merchandise Sold Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Date Quantity Purchased Purchases Unit Cost Inventory Total Cost May 1 4.200 36 151.200 May 2.100 38 79.800 10 Il Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Purchases Quantity Cost of Cost of Total Cost Merchandise Sold Merchandise Sold Sold Unit Cost Total Cost Date Quantity Purchases Purchased Unit Cost Inventory Inventory Quantity Unit Cost May Inventory Total Cost 1 May 4.200 36 151.709 10 2.100 38 79,000 May 12 HUB May May 20 1890 40 75.600 75.600 May 31 Balance