Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales data for portable game players are as follows: Inventory 38 units @ $45 10 Sale 27 units 15 Purchase 21 units @ $48 20 Sale 19 units Apr. 1 24 Sale 30 7 units Purchase 29 units @ $50 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form Mllustrated 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Purchases Purchases Merchandise Merchandise Merchandise Quantity Inventory Inventory Unit Sold Total Sold Inventory Unit Sold Total Unit Cost Total Cost Purchased Cost Cost Quantity Cost Cost Date Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? Higher Lower