Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 58 units at $79 43 units Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 20 units 30 Purchase 39 units at $89 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 24 Sale Nov. 24 Nov. 30 31 units at $84 a. Determine the cost of 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. 20 units Nov. 30 Balances First-in, First-out Method DVD Players Quantity Purchases Purchases Quantity Purchased Unit Cost Total Cost Sold Cost of Cost of Goods Sold Goods Sold Inventory Inventory Inventory Unit Cost Total Cost Quantity Unit Cost Total Cost 888 00000000 00000000 00000 0000 4 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?