Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 52 units at $78 35 units 26 units at $81 23 units 9 units 35 units at $84 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 G 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 Date Nov. 1 Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Sold Nov. 10 35 78 Nov. 15 26 81 2,106 Nov. 20 Nov. 24 LUT 78 78 X 84 X Nov. 30 35 84 2,940 Nov. 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? Lower Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 52 78 4,056 x 17 X 1,326 x x x T x 3,432 X 0000 X x