Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 67 units @ $92 10 Sale 46 units 15 Purchase 34 units @ $97 20 Sale 29 units 24 Sale 21 units 30 w Purchase 36 units @ $103 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. Cost of the Merchandise Sold Schedule First-In, First-out Method Portable DVD Players Cost of Cost of Quantity Quantity Cost of Inventory Date Purchases Purchases Merchandise Sold Merchandise Sold Purchased Merchandise Sold Inventory Inventory Quantity Total Cost Unit Cost Unit Cost Total Cost Unit Cost Total Cost Apr. 01 Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Cost of Merchandise Sold Merchandise Sold Merchandise Sold Unit Cost Total Cost Date Quantity Purchased Purchases Purchases Unit Cost Total Cost Inventory Quantity Inventory Inventory Unit Cost Total Cost Apr. 1 Apr. 10 Apr. 15 o o O o Apr 20 ill 110 1110 101 IIVIII 1001 100 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