Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 67 units at $87 10 Sale 50 units 15 Purchase 36 units at $90 20 Sale 24 units 24 Sale 17 units 30 Purchase 26 units at $95 The business maintains a perpetual inventory system, costing by the first in, first-out method. 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 Goods Sold Unit Cost of Goods Sold Total Purchases Unt Date Inventory Unit Quantity Purchased Purchases Total Inventory Total Cost Inventory Quantity 67 Nov. 1 Nov. 20 Nov. Check My Work Next > eBook Show Me How Calculator 24 Sale 17 units 30 Purchase 26 units at $95 The business maintains a perpetual inventory system, costing by the first inst-out method. 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 Quantity Purchases Unit Purchases Total cost of Goods Sold Unit Cost of Goods Sold Total Inventory Inventory Unit Theory Total Purchased Cost Quantity Sold Cost Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Lower