Print Item ECalculator 7-3 Exercises & Problems Show Me How eBook Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: 79 units@$53 Apr. 1 Inventory 65 units Sale 10 35 units@$56 15 Purchase 21 units Sale 20 Sale 24 15 units Purchase 39 units $58 30 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustratedin Exhibit 3. a. Under FIFO, if units are in inventory a unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost two different costs, enter the units with the LOWER column. Cost of the Merchandise Sold Schedule First-in, First-out Metbod Portable DVD Players Cost of Merchandise Sold Unit Cost Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Total Cost dndty urchased Date Inventory Quantity Inventory Unit Cost Inventor Total Cost. Apr. Apr. 10 Apr Apr Apr 30 Check My Work more Check My Work uses remaining Previous Next ssignment Score: 0.0% %8 Print Item Calculator Show Me How Ch 7-3 Exercises & Problems eBook 21 units Sale 20 15 units Sale 24 39 units@$58 Purchase 30 The business maintains a perpetual inventory system, costing by the first-in, first-out method. the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Determine the cost a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Cost of Merchandise Sold Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Total Chst Quantity Purchased Quantity Cost of Merchandise Sold Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Unit Cost Apr Anr 10 Apr. Apr. 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, firstout method? Check My Work 2 more Check My Work uses remaining Previous Next Assignment $core: 0.0% Email Instructor Save and Exit Submit Assignment for Grad ing 000