Beginning inventory, purchases, and sales data for DVD players are as follows:

November 1		Inventory	40 units at $66
10		Sale	26 units
15		Purchase	18 units at $70
20		Sale	18 units
24		Sale	7 units
30		Purchase	35 units at $73

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Cost of the Goods Sold Schedule
First-in, First-out Method
DVD Players
Date	Quantity Purchased	Purchases Unit Cost	Purchases Total Cost	Quantity Sold	Cost of Goods Sold Unit Cost	Cost of Goods Sold Total Cost	Inventory Quantity	Inventory Unit Cost	Inventory Total Cost
Nov. 1							fill in the blank	$fill in the blank	$fill in the blank
Nov. 10				fill in the blank	$fill in the blank	$fill in the blank	fill in the blank	fill in the blank	fill in the blank
Nov. 15	fill in the blank	$fill in the blank	$fill in the blank				fill in the blank	fill in the blank	fill in the blank
							fill in the blank	fill in the blank	fill in the blank
Nov. 20				fill in the blank	fill in the blank	fill in the blank	fill in the blank	fill in the blank	fill in the blank
				fill in the blank	fill in the blank	fill in the blank
Nov. 24				fill in the blank	fill in the blank	fill in the blank	fill in the blank	fill in the blank	fill in the blank
Nov. 30	fill in the blank	fill in the blank	fill in the blank				fill in the blank	fill in the blank	fill in the blank
							fill in the blank	fill in the blank	fill in the blank
Nov. 30	Balances					$fill in the blank			$fill in the blank

b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?