Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold LOWER unit cost first in the Inventory Unit Cost column. crhadula af rartaf Marahandirn cald b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method