perpetual inventory using LIFO

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 1 May 10 May 12 2,900 units at $28 1,450 units at $80 2,030 units 4 20 14 1,305 units at $32 1,740 units 31 870 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 formirated in 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 Cell Phones Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Purchases Purchases Quantity Unit Cost Total Cost Sold Quantity Purchased Date May 1 May 10 May 12 May 14 ini di May 20 mil May 31 o May 31 Balances Dr b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method All work saved