Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 73 units @ $86 10 Sale 58 units 15 Purchase 39 units @ $91 20 Sale 19 units 24 Sale 17 units 30 Purchase 25 units @ $96 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. 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Purchases Purchases Unit Total Cost Cost Quantity Purchased Total Inventory Inventory Unit Cost Cost Sold Date Inventory Quantity Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 1 Apr. 30 Balances Foadbach b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? Lower