Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows:
Inventory Purchases Sales
Dec. 1 310 units at $88 Dec. 10 144 units at $90 Dec. 12 240 units
Dec. 20 240 units at $96 Dec. 14 166 units
Dec. 31 200 units
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.
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