Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 3,700 units at $28 May 10 1,850 units at $30 May 12 2,590 units May 20 1,665 units at $32 May 14 2,220 units May 31 1,110 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 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 Merchandise Sold Cost of Merchandise Sold Inventory Quantity InventoryInventory Unit Cost Quantity Date Purchased Unit Cost Purchases Quantity Cost of Total Cost Sold Unit Cost May May 12 May 14 May 31 May 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 Purchases Purchases Quantity Cost of Merchandise Sold Cost of Merchandise Sold Inventory Inventory Inventory Unit CostTotal Cost Date Purchased Unit Cost Total Cost Unit Cost Quantity Sold Total Cost May May 12 May 14 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