Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 10 Inventory Sale Purchase 49 units at $67 39 units 20 units at $71 TEE 20 24 30 Sale Sale Purchase 14 units 11 units 36 units at $75 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 Cast column and in the Inventory Unit Cost column. Date 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 Quantity 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. 30 Balances 39 67 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? 2013 67 67 3,283