Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 71 units @ $59 10 Sale 48 units 15 Purchase 29 units @ $61 20 Sale 28 units 24 Sale 12 units 30 Purchase 21 units @ $63 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 Cost of Cost of Quantity Purchases Purchases of Merchandise Inventory Tue Merchandise Inventory Inventory Date Purchased Unit Cost Total Cost Merchandise Sold Total Quantity Unit Cost Total Cost Sold use Sold Unit Cost Cost Apr. 100011 11 Apr. Apr. O 30 Apr. Balances 30 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method