Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 60 units @ $45 10 Sale 50 units Purchase 25 units @ $48 20 Sale 15 units 24 Sale 12 units 30 Purchase 29 units @ $51 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Quantity Purchases Purchases Merchandise Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost" dise Sold Unit Sold Total Quantity Unit Cost Total Cost Sold Cost Cost Apr. Date purchase Apr. 10 11 00000 000 Apr. Balances 30 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first- out method