Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 10 Inventory Sale 15 Purchase 20 Sale 241 30 Sale: Purchase 52 units at $54 38 units 26 units at $57 19 units. 12 units 22 units at $59 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Date Purchased Purchases Unit Cost 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 Nov. 1 Nov. 10 Nov G Quantity Purchases Date Purchased Unit Cost Nov. 1 Nov. 10 Nov. 15 Nov. 20 > Nov. 24 Nov. 30 Nov. Balances 30 Purchases Total Cost DVD Players Quantity Cost of Goods Sold Sold Unit Cost Cost of Goods Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost 000 00000 0000 00000 00000 000 Q 000 Q b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method