Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 71 units @ $86 Sale 52 units Purchase 31 units @ $90 Sale 27 units Sale 12 units Purchase 24 units @ $94 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. 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 Merchandise Cost of Merchandise Sold Unit Sold Cost Inventory Unit Inventory Total Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Total Cost Inventory Quantity Cost Cost 71 $ 86 $ 6,106 Apr. 1 Apr. 10 52 Ev $ 86 $ 4,472 19 1,634 Apr. 31 $ 90 $2,790 2700 19 15 90]v 86 90 90 1,634 2,790 2,970 x Apr. 86 38 20 1,634 630 x 90 Apr. 1,080 24 90 24 V 94 2,160 X Apr. Balances Balances $ 7,816 x 30 Feedback b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method