Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory   Purchases   Sales   May 1 3,400 units at $29 May 10 1,700 units at $31 May 12 2,380 units            20 1,530 units at $33        14 2,040 units                31 1,020 units Question Content Area 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 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise SoldLIFO MethodPrepaid Cell Phones Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost May 1             fill in the blank cad21809afebf98_1 $fill in the blank cad21809afebf98_2 $fill in the blank cad21809afebf98_3 May 10 fill in the blank cad21809afebf98_4 $fill in the blank cad21809afebf98_5 $fill in the blank cad21809afebf98_6       fill in the blank cad21809afebf98_7 fill in the blank cad21809afebf98_8 fill in the blank cad21809afebf98_9               fill in the blank cad21809afebf98_10 fill in the blank cad21809afebf98_11 fill in the blank cad21809afebf98_12 May 12       fill in the blank cad21809afebf98_13 $fill in the blank cad21809afebf98_14 $fill in the blank cad21809afebf98_15 fill in the blank cad21809afebf98_16 fill in the blank cad21809afebf98_17 fill in the blank cad21809afebf98_18         fill in the blank cad21809afebf98_19 fill in the blank cad21809afebf98_20 fill in the blank cad21809afebf98_21       May 14       fill in the blank cad21809afeb

Required Information [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March S March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 69 60 FIFO LIFO Units Acquired at Cost 27.312 S 27.312 17.037 17.817 x 10,275 $ 9.495 S 60 units 265 units 65 units 110 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the M 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 440 units Weighted Average @ $50.20 per unit @$55.20 per unit 17.291 10,021 @ $60.20 per…

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