Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 76 units at $94 10 Sale 54 units 15 Purchase 35 units at $100 20 Sale 29 units 24 Sale 21 units 30 Purchase 31 units at $106 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. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchases Purchased Unit Cost Purchases Total Cost Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Date Nov. 1 Nov. 10 54 Nov. 15 35 100 3,500 Nov. 20 45 x Nov. 24 Nov. 30 31 106 3,286 Nov. 30 Balances Feedback b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? F Higher Lower Vork