invokereta AssignmentSessionLocator Sprogresse false SP Test 4 Chapters 7 & 8 Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 72 units $98 10 Sale 59 units 15 Purchase 31 units $103 20 Sale 18 units 24 Sale 11 units 30 Purchase 39 units $107 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 illustrated in hit. a. Under Firo, 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 Quantity Purchases Date Purchases Quantity Cost of Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Purchased Unit Cost Total Cost Merchandise Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Apr 1 Apr. 10 Apr Test #4 Chapters 7 & 8 Calculator Cost of the Herchandise Sold schedule First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Merchandise Cost of Merchandise Merchandise Sold Sold Unit Cost Sold Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 Apr. 10 Apr 15 Apr. 20 100 00001 1000 Apr 24 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, first-out method? Previous