Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 76 units $73 10 Sale 59 units 15 Purchase 37 units $76 20 Sale 26 units 24 Sale 19 units 30 Purchase 36 units $79 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 balance after each sale, presenting the data in the form illustrated in Exhibit 3. 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 Inventory Unit Cost column First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Cost of Merchandise Merchandise Sold Merchandise Sold Sold Unit Cost Total Cost Date Quantity Purchased Purchases Purchases Unit Cost Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 Apr. 10 Apr. 15 DOO Apr. 20 Apr. 24 Apr. 30 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