Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 4,100 units at $35 May 10 2,050 units at $37 May 12 2,870 units 20 1,845 units at $39 14 2.460 unts 1,230 units a. Assuming that the perpetual entory system is used, costing by the UFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, resenting the data in form ilustrated in Exhibit 4. Under LFO, if units are in inventory at two different costs, enter the units with the HIGHER un cost first in the cost of Merchandise Sold Unit Cost column and LOWER un coutine Inventory Unit Cost column Schedule of Cost of Merchandise Sold LIFO Method trepaid Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 Schedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Purchases Purchases Quantity Unit Cost Total Cost Sold Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Date Purchased May 1 May 10 May 12 May 14 m1 May 20 o May 31 May 31 Balances Feedback