FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the total cost of the ending inventory according to FIFO? Sale b. What is the total cost of the ending inventory according to LIFO? Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 80 units at $84 10 Sale 57 units 15 Purchase 34 units at $89 20 Sale 32 units 24 Sale 17 units 30 Purchase 26 units at $93 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 Nov. 10 Nov. 20 Nov. 24 Nov. 30 O Nov. 30 Balances O O b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method