Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 70 units at $58 10 Sale 49 units 15 Purchase 29 units at $61 20 Sale 25 units 24 Sale 13 units 30 Purchase 23 units at $63 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of 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. First-in, First-out Method DVD Players Date 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. 1 fill in the blank 3af50700c063f9c_1 fill in the blank 3af50700c063f9c_2 fill in the blank 3af50700c063f9c_3 Nov. 10 fill in the blank 3af50700c063f9c_4 fill in the blank 3af50700c063f9c_5 fill in the blank 3af50700c063f9c_6 fill in the blank 3af50700c063f9c_7 fill in the blank 3af50700c063f9c_8 fill in the blank 3af50700c063f9c_9 Nov. 15 fill in the blank 3af50700c063f9c_10 fill in the blank 3af50700c063f9c_11 fill in the blank 3af50700c063f9c_12 fill in the blank 3af50700c063f9c_13 fill in the blank 3af50700c063f9c_14 fill in the blank 3af50700c063f9c_15 fill in the blank 3af50700c063f9c_16 fill in the blank 3af50700c063f9c_17 fill in the blank 3af50700c063f9c_18 Nov. 20 fill in the blank 3af50700c063f9c_19 fill in the blank 3af50700c063f9c_20 fill in the blank 3af50700c063f9c_21 fill in the blank 3af50700c063f9c_22 fill in the blank 3af50700c063f9c_23 fill in the blank 3af50700c063f9c_24 fill in the blank 3af50700c063f9c_25 fill in the blank 3af50700c063f9c_26 fill in the blank 3af50700c063f9c_27 Nov. 24 fill in the blank 3af50700c063f9c_28 fill in the blank 3af50700c063f9c_29 fill in the blank 3af50700c063f9c_30 fill in the blank 3af50700c063f9c_31 fill in the blank 3af50700c063f9c_32 fill in the blank 3af50700c063f9c_33 Nov. 30 fill in the blank 3af50700c063f9c_34 fill in the blank 3af50700c063f9c_35 fill in the blank 3af50700c063f9c_36 fill in the blank 3af50700c063f9c_37 fill in the blank 3af50700c063f9c_38 fill in the blank 3af50700c063f9c_39 fill in the blank 3af50700c063f9c_40 fill in the blank 3af50700c063f9c_41 fill in the blank 3af50700c063f9c_42 Nov. 30 Balances fill in the blank 3af50700c063f9c_43 fill in the blank 3af50700c063f9c_44 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?