Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Inventory November 1 42 units at $90 33 units 10 Sale 15 Purchase 23 units at $94 13 units 20 Sale 8 units 24 Sale 30 Purchase 26 units at $98 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, 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 Nov. 10 Nov. 15 Nov. 20 59 a Nov 24 Previous Next > Cost of the Goods Sold Schedule First-In, First-out Method DVD Players Cost of Quantity Pulchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Cost of Date Nov. 1 Nov. 10 o Nov. 15 Nov. 20 Nov. 24 Nov. 30 11 Nov. 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Previous Next Check My Work 5 more Check My Work uses remaining Save and Exit Submit Assignment for Grading