Transcribed image text: Perpetual Inventory Using IF Deginning inte, purchases and sales data for prepaid phones for Maye as follows: Purchase Inventory May 3,550 GS 544 May 10 720 145 Hay 1.200 20 1.200 ansat Asuming that the perpetual entory system is coming the trete determine the cost of merchands for each sale and the inventory balance teach sale preventing the dut the form strated in onder uiro, un ventry attent content their with the HIGHER cost the cost of Merchandise Soltinitom and LOW un cost ist in the inventory Costum scuedule of Cost of Merchandise Sold LIFO Method Prepaid Cell Phones Cost of Costa Merchandise Merchandise Sold Purchases Purchases Ouantity Sell Quantity Total Carl Date Purchased Unit Cost Total Cost Sold Inventory Inventory Theory Quantity Coul Total May 10 Har 12 Show Me How eBook Quantity Date Purchased Total Cost Unit Cost Unit Cost Total Cost Sold LUVERYWCY Quantity Unit Cost Total Cost May 1 May 10 May 12 899 III(11 DI II May 14 May 20 o o May 31 May 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 Higher