Perpetual Inventory using FIFO Deginning inventory, purchmses, and sales data for DvD players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determae the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form lllustrated in fixhibit 3. Under FiFO, If units are in the units wath the LowtR unit cost first in the Cost of Coods Sold Unit Cost column and in the fnventary Unit Cost column. The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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 Exhibie-3, Under the units with the LowER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. b. Based upon the preceding date, would you expect the -inventory to be higher or lower using the last-in, first-out method? Higher Lower