Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 72 units at $89 10 Sale 59 units 15 Purchase 36 units at $93 20 Sale 17 units 24 Sale 22 units 30 Purchase 40 units at $99 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 Date Quantity Purchased Purchases Unit Cost Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Purchases Total Cost Quantity Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 72 59 89 5,251 13 13 36 18888 6,408 1,157 1,157 93 3,348 36 93 3,348 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