Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 40 units at $59 10 Sale 32 units 15 Purchase 22 units at $62 20 Sale 13 units 24 Sale 11 units 30 Purchase 23 units at $64 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 Exhibt 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 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 a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustra 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 an column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold U nit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 Nov. 15 O o Nov. 20 Nov. 24 Nov. 30 O o UU Nov. 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using last-in, first-out method