Perpetual Inventory Using LIFO Sales Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases May 1 3 ,300 units at $27 May 10 1,650 units at $29 May 12 2,310 units May 20 1,485 units at $31 May 14 1,980 units May 31 990 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 Cell Phones Cost of Cost of Quantity Purchases Purchases Quantity Merchandise Merchandise Sold 'urchasea Unit Cost Total Cost Suid Sold Unit Cost Sold Total Cost Costa Date purchased Unit Inventory Inventory Inventory any Unit Cost Total Cost May May 10 May 12 bubbl 100011 May 14 May 20 May 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