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Perpetual inventory using FIFO

Beginning inventory, purchases, and sales data for DVD players are as follows:

Nov. $1$ Inventory $,36$ units at $$61$

$10$ Sale $,30$ units

$15$ Purchase $,20$ units at $$63$

$20$ Sale $11$ units

$24$ Sale $,9$ units

$30$ Purchase $,40$ units at $$67$

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 cost first in the cost of Goods Sold Unit cost column and in the Inventory Unit Cost column.

First$-$in$,$ First$-$out Method

DVD Players

Date

Cost of

Cost of

Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory

Nov. $1$

Nov. $10$

Nov. $15$

Nov. $20$

Nov. $24$

Nov. $30$

$2,680$

$30$

Purchased Unit Cost Total Cost Sold

$\backslash$table$[[30]]$

Unit Cost Total Cost Quantity Unit Cost Total Cost

Nov. $30$ Balances

b$.$ Based upon the preceding data, would you expect the inventory to be higher or lower using the last$-$in$/$ first$-$out method?