Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 39 units at $84 10 Sale 33 units 15 Purchase 20 units at $88 20 Sale 12 units 24 Sale 9 units 30 Purchase 37 units at $92 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 cast 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 Quantity Purchases Purchases Quantity Cost of Goods Cost of Goods Sold Inventory Inventory Date Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Nov. 1 Nov. 10 Q00 Nov. D Date Quantity Purchased First-in, First-out Method DVD Players Cost of Goods Cost of Goods Sold Sold Unit Cost Total Cost Purchases Unit Cost Purchases Total Cost Quantity Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 Nov. 10 Nov. 15 o Nov. 20 Nov. 24 Nov. 30 Nov. 30 Balances 0 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method