Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 56 units $64 Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 44 units 27 units $67 21 units 10 units 34 units $70 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. Portable Game Players Quantity Cost of Cost of Date Purchases Purchases Quantity Unit Total Purchased Cost Cost of Merchandise Sold Merchandise Merchandise Sold Unit Cost Sold Total Cost Inventory Inventory Cost Inventory Unit Quantity Cost Total Cost Apr. 1 Apr. 10 44 Apr. 15 27 67 Apr. 20 Apr. 24 Apr. 30 34 70 10 BB Apr. 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method