Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 52 units @ $78 38 units 23 units @ $83 23 units 6 units 33 units @ $86 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 Exhibi 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 colum and in the Inventory Unit Cost column. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Merchandise Cost of Cost of Merchandise Merchandise Purchases Purchases Date Quantity Purchased Unit Cost Total Sold Sold Unit Cost Inventory Inventory Sold Total Cost Cost Quantity Inventory Unit Cost Total Cost Apr. 1 $ Apr. 10 Apr. 15 Apr. 20 Apr. 24 SA SA tA b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? Apr. 30 Apr. 30 Balances