Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 36 units $57 10 Sale 30 units 15 Purchase 16 units @ $60 20 Sale 11 units 24 Sale 8 units 30 Purchase 35 units $62 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. .. Under FIFO, 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 First-In, First-out Method Portable DVD Players Quantity Cost of Cost of Date Quantity Cost of Purchases Purchases Merchandise Merchandise Inventory Purchased Inventory Unit Cost Total Cost Merchandise Sold Unit Sold Total Inventory Quantity Sold Total Unit Cost Cost Cost Cost Apr 1 Apr 10 Apr 15 o 0 | 100 11 00100 000 H QOID0 000 00011 Apr 20 Apr 24 Aor 30 o o Apr 30 Balances D. Based upon the preceding date, would you expect the inventory to be Nigher or lower using the last-in, stout method