pter 7 Inventories A Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for EX 7-5 ance 80 Sales as follows: Purchases Aug. 12 360 units at $45 600 units Inventory Aug. 10 775 units at $44 14 415 units 600 units at $48 Aug. 1 20 31 500 units $ Assuming that the perpetual inventory system is used, costing by the LIFO determine the cost of merchandise sold for each sale and the inventory balan each sale, presenting the data in the form illustrated in Exhibit 4. b. Based upon the preceding data, would you expect the inventory to be higher using the first-in, first-out method? a. EX 7-6 Perpetual inventory using FIFO Assume that the business in Exercise 7-5 maintains a perpetual inventory system, co the first-in, first-out method, etermine the inventory balance after en COct EX 7-6 Perpetual inventory using FIFO Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing the first-in, first-out method. Determine the cost of merchandise sold for each sale andt inventory balance after each sale, presenting the data in the form illustrated in Exhibe 0B11 e