Sales 870 units Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Purchases Dec. 1 2,900 units at $36 Dec, 10 1,450 units at $38 Dec. 12 2,030 units Dec. 20 1,305 units at $40 Dec. 14 1,740 units Dec 31 a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods 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 Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold Prepaid Cell Phones Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost LIFO Method Cost of Purchased Unit Cost Total Cost Sold Date Dec. 1 Dec. 10 Dec. 12 III III Dec. 14 Dec. 20 11110 Dec. 31 Dec. 31 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method