Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Purchases Sales May 1 2,300 units at $34 May 10 1,150 units at $36 May 12 1,610 units May 20 1,035 units at $38 May 14 1,380 units May 31 690 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 Prepaid i Cel Phones Purchases Unit Purchases Total Quantity Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold inventory Date Purchased inventory Unit inventory Total Cost May May 12 May 14 31 May Balences 31 Previous Next All work saved. Email Instructor Submit Assignment for Grading May 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