eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 57 units @ $70 10 Sale 45 units 15 Purchase 26 units $74 20 Sale 21 units 24 Sale 12 units 30 Purchase 24 units @ $78 The business maintains a perpetual inventory system, casting by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Purchases Unit Purchases Total Date Quantity Cost of Merchandise Cost of Merchandise Sold Unit Cost of Merchandise Sold Total Purchased Cost Cost Sold Cost Cost Apr. 1 Apr. 10 Apr. 15 Inventory Quantity Inventory Unit Cost Inventory Total Cost o o Apr. 20 100 Apr. 24 Apr. 30 Apr. 30 Balances Apr. 30 Balances Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Check My Work 1 more Check My Work uses remaining