Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 48 units at $85 10 Sale 39 units 15 Purchase 20 units at $89 20 Sale 16 units 24 Sale 7 units 30 Purchase 30 units at $93 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 Cost column and in the Inventory Unit Cost column.

Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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 Quantity Purchases Unit Purchases Total Quantity Cost of Goods Sold Unit Cost of Goods Sold TotaInventory Inventory Unit Inventory Total Cost Sold Cost Cost Cost Nov. 10 15 20 24 rea 30 Nov. 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