Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: Nov. 1 Inventory 10 Sale 46 units at $97 32 units 15 Purchase 18 units at $103 20 Sale 24 Sale 20 units 5 units 30 Purchase 21 units at $107 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of 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. First-in, First-out Method Date Nov. 1 Nov. 10 Nov. 15 DVD Players Cost of Goods Cost of Goods Quantity Purchases Purchases Quantity Sold Sold Purchased Unit Cost Total Cost Sold Unit Total Cost Cost Nov. 20 888 Inventory Inventory Quantity Unit Cost 00000 00000 Inventory Total Cost 00000 a. Determine the cost of 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. First-in, First-out Method DVD Players Cost of Cost of Goods Goods Inventory Quantity Purchases Purchases Quantity Sold Sold Inventory Inventory Total Purchased Unit Cost Total Cost Sold Unit Total Quantity Unit Cost Date Cost Cost Cost Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov. 24 Nov. 30 000 000 00000 000 Nov. Balances 30 0000 00000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Higher Lower