Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 80 units at $93 10 Sale 55 units 15 Purchase 46 units at $97 20 Sale 30 units 24 Sale 30 units 30 Purchase 20 units at $102 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 Firo, ir 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 Chit Cost column. Cost of the Goods Sold Schedule First-In, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 SO 93 7.440 Nov. 10 55 93 SIIS 93 Nov. 15 46 97 4.462 93 Nov. 20 30 2.910 Nov. 24 Nov. 30 20 102 2,040 Nov. 30 Balances Feedback b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last in, first-out method