Perpetual inventory using LIFO Inventory Dec. 12,400 units at $24 Purchases Dec. 101,200 units at $26 201,080 units at $28 a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balater 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are Inventory Dec. 1220 units at $35 Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. FIFO Method Prepaid Cell Phones Dec. 1 Dec. 10 Dec. 12 Dec. 20 Dec. 31 Dec. 31 Balances