Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 60 units at $70 Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 42 units 30 Purchase 29 units at $73 25 units 9 units 26 units at $77 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 Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

Perpetual inventory using FIFO 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 balnnce anter each sale, presenting the data in the form illustrated in fxhibit 3 . Under Fro, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the inventory Unit Cost column. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method