> Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 72 units at $74 55 units 40 units at $78 26 units 12 units 30 units at $81 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of 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. Date Nov. 1 Nov. 10 Nov. 15 First-in, First-out Methodi DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost 72 74 5,328 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances 88 101 Date Nov. 1 Nov. 10 First-in, First-out Method. DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Purchased Unit Cost Total Cost Unit Cost Total Cost Quantity Unit Cost Total Cost 72 74 5,328 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances BBB 000 00 000 0000 000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?