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Perpetual Inventory Using LiFo Beginning inventory, purchases, and sales data for prepaid cell phones for...

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Perpetual Inventory Using LiFo Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: a. 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 affer esch sale, presenting the data in the form illustrated in Exhibit 4. Under LFO, if units are in inventory at two different costs, enter the units weth the HIGHER unit cost fitst in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method

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