Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 79 units @ $66 10 Sale 15 Purchase 20 Sale 64 units 38 units @ $69 23 units 24 units 33 units @ $72 24 Sale 30 Purchase 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 Cost of Merchandise Cost of Merchandise Merchandise Sold Sold Unit Cost Sold Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 $ Apr. 10 Apr. 15 U First-in, First-out Method Portable DVD Players Cost of Merchandise Sold Unit Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr 1 Apr. 10 Apr. 15 Apr 20 110 D1011 110 QUINI 1000 Apr. 24 Apr. 30 Apr 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method