Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 68 units at $47 Inventory Sale 10 48 units 35 units at $49 15 Purchase 20 Sale 28 units 20 units 24 Sale 30 Purchase 28 units at $52 The business maintains a perpetual inventory system, costing by the first-in, 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, 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. eBook Show Me How Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Cost of Goods Sold Cost of Goods Sold Sold Unit Cost Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cast Nov 1 Nov. 10 Nov. 15 o Nov. 20 100 100 10 011 LIDO 1001 DIOD DIO Nov. 24 Nov. 30 Nov. 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