Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 10 Sale 90 units 15 Purchase 140 units at $28 20 Sale 110 units 24 Sale 40 units 30 Purchase 160 units at $30 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 sate, 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 Cost of the Merchandise Sold Schedule First-in, First-out Method Portable Game Players Cost of Cost of Purchases Quantity Cost of Merchandise Sold Merchandise Sold Total Cost Merchandise Sold Unit Cost Total Cost Inventory Inventory Inventory Quantity Unit Cost Total Cost Quantity Purchased Date Purchases Unit Cost . PON Date Quantity Purchased Purchases Unit Cost Purchases Quantity Cost of Total Cost Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Inventory Quantity Unit Cost Inventory Total Cost Apr. 1 Apr. 10 Apr 15 0 Apr. 20 9 110 110 Apr 24 Apr. 30 o Apr. 30 Balances I b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last in Tirst-out method