Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 120 units at $39 10 Sale 90 units 15 Purchase 140 units at $40 20 Sale 110 units 24 Sale 45 units 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. I 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 Cost of Cost of Goods Goods Purchases Purchases Quantity Sold Sold Sold Unit Cost Total Cost Unit Total Cost Cost Date Quantity Purchased Inventory Quantity Inventory Unit Cost Nov. 1 Nov. 10 Nov. 15 $ Nov. 10011 110 20 Nov. 24 Nov. 30 . Nov. Balances 30 $ Higher b. pn the preceding data, would you expect the inventory to be higher or Lower lowe Jhe last-in, first-out method? dropdown