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 30 Sale Purchase 77 units at $82 50 units 32 units at $85 34 units 16 units 24 units at $88 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 Cost of Goods Sold Sold Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances Cost of Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 888 00000 000 000000000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?