Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 54 units at $42 November 1 10 Inventory Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 43 units 22 units at $45 17 units 11 units 31 units at $47 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 Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Inventory Inventory Inventory Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances 000 00000 0000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?