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EX 6-3 Perpetual inventory using FIFO Inventory balance, Beginning inventory, purchases. and sales data for DVD players are as follows: November 30,$7,480 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 presenting the data in the form illustrated in Exhibit 3 . b. Based upon the preceding data, would you expect the inventory to be higher or loncr od the last-in, first-out method