Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: 65 units @ $92 Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 45 units 29 units $97 27 units 12 units 37 units $101 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. Quantity Date Purchased Purchases Unit Cost Purchases Total Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 0 Apr Balances 30 Portable DVD Players. Quantity Cost of Merchandise Sold Cost of Merchandise Cost of Merchandise Sold Unit Cost Sold Total Cost 0 Inventory Inventory Quantity Unit Cost 00000 000 Inventory Total Cost 000 00000 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