JUM USUS te vendor's invoice to record the amount of inventory received. State whether each of these procedures is appropriate or inappropriate. If it is inappropriate, explain why. EX 7-3 Perpetual inventory using FIFO OBJ. 2,3 Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 10 Sale 90 units 15 Purchase 140 units at $28 20 Sale 110 units 24 Sale 40 units 30 Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? OBJ. 2,3