Purchases Cell Phones Cost of Merchandise Sold Inventory Unit Date Quantity Cost Total Cost Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost Mar. 1 5 8 14 20 20 31 31 Total cost of merchandise sold: Inventory, March 31: EX 7-5 Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for cell phones for March are as follows: Inventory March 1 Purchases Sales 1,000 units at $40 March 5 20 500 units at $42 450 units at $44 March 8 700 units 14 600 units 31 300 units 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.