Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchases Inventory Sales May 10 May 1 2,100 units at $21 1,050 units at $23 May 12 1,470 units May 20 945 units at $25 May 14 1,260 units 630 units May 31 is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale r LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise a. Assuming that the perpetual inventory system by th presenting the data in t he form illustrated in Exhibit 4. Under Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost colum Schedule of Cost of Merchandise Sold IFO Method Prepaid Cell Phones Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Unit Cost Inventory Total Purchases Unit Cost Purchases Total Quantity Sold Inventory Quantity Quantity Date Purchased Cost Cost May 1 May 10 May 12 vee here to search Prepaid Cell Phones Inventory Inventory Unit Inventory Total Quantity Cost of Merchandise Sold Total Cost Cost of Merchandise Sold Unit Cost Purchases Unit Cost Purchases Total Cost Quantity Sold Quantity Cost Cost Date P May 1 May 10 May 12 May 14 May 31 May 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