Perpetual Inventory Using FIFO Beginning inventory. purchases, and sales data for DVD players are as follows: November 1 Inventory 62 units at $94 10 Sale 50 units 15 Purchase 28 units at $99 20 Sale 18 units 24 Sale 15 units 30 Purchase 38 units at $105 The business maintains a perpetual inventory system, costing by the first-lin, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, I 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 Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Date Quantity Purchases Purchases Quantity Cost of Goods Sold Cost of Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Nov. 1 Nov 10 4.700 1.12 Nov. 2,772 1,128 50 14 18 90 11 15 94 2N 2.772 Nov 20 12 94 1.125 > 94 62 5,828 Nov. 1 Nov. 10 Nov. 15 50 4,700 94 12 1,128 94 28 2,772 12 1,128 28 2,772 12 94 Nov. 20 1,128 28 99 15 99 1.485 Nov. 24 Nov. 30 38 105 90 18 105 3.990 Nov. 30 Balances o Fondo Check My Work Note that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are assumed to be the first to be said. Therefore, ending inventory is made up of the most recent purchases. Learning Objective 2. Learning Objective 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last first-out method? Lower