Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: 180 units at $40 Apr. 1 Inventory 10 Sale 140 units 15 Purchase 210 units at $42 30 2 2 2 20 24 Sale Sale Purchase 170 units 60 units 240 units at $46 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. Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Date: Quantity Purchased Unit Cost Purchases Purchases Total Cost Cost of Merchandise Sold Sold Unit Cost Cost of Merchandise Merchandise Sold Total Cost Cost of Inventory Inventory Inventory Quantity Unit Cost Total Cost Apr. 1 180 Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Date Purchases Purchases Quantity Unit Total Purchased Cost Cost of Merchandise Sold Merchandise Merchandise Sold Unit Cost Sold Total Cost Inventory Inventory Cost Inventory Unit Quantity Total Cost Cost Apr. 11 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances 888 0 100 000 0000 b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method