Perpetual inventory using FIFOBeginning inventory, purchases, and sales data for DVD players are as follows:DateLine Item DescriptionUnits and CostNov. $1$Inventory$65$ units at $$5710$Sale$47$ units$15$Purchase$27$ units at $$6020$Sale$27$ units$24$Sale$7$ units$30$Purchase$26$ units at $$64$The business maintains a perpetual inventory system, costing by the first$-$in$,$ first$-$out method.Question Content Areaa. 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.First$-$in$,$ First$-$out MethodDVD PlayersDateQuantityPurchasedPurchasesUnit CostPurchasesTotal CostQuantitySoldCost ofGoods SoldUnit CostCost ofGoods SoldTotal CostInventoryQuantityInventoryUnit CostInventoryTotal CostNov. $1$Nov. $1$Nov. $1$Nov. $1$Nov. $10$Nov. $10$Nov. $10$Nov. $10$Nov. $10$Nov. $10$Nov. $10$Nov. $15$Nov. $15$Nov. $15$Nov. $15$Nov. $15$Nov. $15$Nov. $15$fill in the blank f$9$f$6$c$4$feafaffd$6\_16$fill in the blank f$9$f$6$c$4$feafaffd$6\_17$fill in the blank f$9$f$6$c$4$feafaffd$6\_18$Nov. $20$Nov. $20$Nov. $20$Nov. $20$Nov. $20$Nov. $20$Nov. $20$fill in the blank f$9$f$6$c$4$feafaffd$6\_25$fill in the blank f$9$f$6$c$4$feafaffd$6\_26$fill in the blank f$9$f$6$c$4$feafaffd$6\_27$Nov. $24$Nov. $24$Nov. $24$Nov. $24$Nov. $24$Nov. $24$Nov. $24$Nov. $30$Nov. $30$Nov. $30$Nov. $30$Nov. $30$Nov. $30$Nov. $30$fill in the blank f$9$f$6$c$4$feafaffd$6\_40$fill in the blank f$9$f$6$c$4$feafaffd$6\_41$fill in the blank f$9$f$6$c$4$feafaffd$6\_42$Nov. $30$BalancesNov. $30$Nov. $30$Question Content Areab. Based upon the preceding data, would you expect the inventory to be higher or lower using the last$-$in$,$ first$-$out method?