Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 69 units @ $74 Sale 50 units Purchase 37 units @ $77 Sale 23 units Sale 22 units Purchase 32 units @ $81 The business maintains a perpetual inventory system, costing 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 Cost of Merchandise Cost of Merchandise Sold Unit Sold Cost Purchases Unit Cost Date Quantity Purchased Purchases Total Cost Inventory Unit Cost of Merchandise Sold Total Cost Inventory Total Inventory Quantity Apr. 1 Apr. 10 Apr. 15 Apr. Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method