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EX 6-3 Perpetual Inventory Using FIFO Obj. 2, 3 Beginning inventory, purchases, and sales data for DVD players are as follows: 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 Exbibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the lastin, first-out method? Obj. 2, 3 Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. 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 4