Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 38 units $59 10 Sale 27 units 15 Purchase 17 units @ $63 20 Sale 18 units 24 Sale 8 units 30 Purchase 20 units $66 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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Quantity Date Purchased Apr. 1 Apr. 10. Apr. 15 Apr. 20 Apr. 241 Apr. 301 Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Purchases Purchases Unit Total Cost of Merchandise Sold Cost Cost Cost of Cost of Merchandise Merchandise Sold Unit Cost Apr. 30 Balances Sold Total Cost Inventory Unit Quantity: Cost Inventory Inventory Total Cost 8 8 8 000 000 b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method