Perpetual Triventory Using LIFO Beaning inventory burchases, and sales data for prepaid cell phones for May are as follows Inventory Purchases Sales May ! 3,700 units at 529 May 10 1,850 units at $31 May 12 2,590 units May 20 1,665 units at $33 May 14 2,220 units May 31 1.110 units a. Assuming that the perpetual inventory system is used, costing by the uro method, determine the cost of merchandise sold for each sale and the ventory 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 tinut 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 a. Assuming that the perpetual inventory system is costing by the LIFO method, determine the cost of merchandise sold for each and the entry hole shers presenting the data in the form illustrated in thibet 4. Under uro, if units are in inventory at two different costs, enter the units with the HIGHER unit cost 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 LFO Method Prepaid Cell Phones Quantity Purchases Purchases Quantity Cost of Merchandise Cost of Merchandise Date Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost May 1 May 10 O Mary 12 May 14 May 20 3 100 0 o O doo May 31 May Balances