Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 48 units $98 10 Sale 40 units 15 Purchase 22 units $104 20 Sale 12 units 24 Sale 9 units) 30 Purchase 20 units $109 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 dlustrated 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 Une Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First out Method Portable Game Players Quantity Date Quantity Purchased Cost Purchases Purchases Unit Total Cost Cost of Merchandise Sold Cost of Merchandise Merchandise Sold Sold Unit Cost Total Cost Cost of Inventory Inventory Inventory Unit Quantity Cost Total Cost Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Purchases Purchases Quantity Unit Total Cost of Merchandise Sold Merchandise Merchandise Date Purchased Sold Unit Cost Sold Inventory Inventory Total Cost Cost Cost Inventory Unit Quantity Cost Total Cost Apr. 1 Apr. 10. Apr. 15 Apr. 20 Apr. 24 Apr. 30 0 000 0 888 13 0 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