Permetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 76 units @ $51 10 Sale 52 units 15 Purchase 45 units @ $54 20 Sale 31 units 24 Sale 28 units 30 Purchase 38 units $57 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 balince after each sale, presenting the data in the form illustrated in Exhibit) 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 inven Unit Cost column Cost of the Merchandise Sold Schedule Unt Cust column Cost of the Merchandise Sold Schedule Firstin, 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 it cost Inventory Total Cou Apr 1 Apr 10 Apr III III. Apr 20 lll 0 0000 000 Apr 24 Apr. I 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