Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: 69 units $99 Apr. 1 Inventory 10. Sale 51 units 15 Purchase 30 units $105 20 Sale 24 units 24 Sale: 19 units 30 Purchase 25 units $111 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 Sold First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Apr. 1 Apr. 10 Apr. 15 Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory. Total Cost Quantity Purchases Date Purchased Purchases Unit Cost Total Cost Quantity Cost of Merchandise Sold Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. Balances 30 Q 000 Q Q0000 000 00000 000 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? 0000 00000