Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 10 Inventory Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 180 units at $40 140 units 210 units at $42 170 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 Cost of Merchandise Merchandise Quantity Purchased Purchases Purchases Unit Total Cost Quantity Cost of Merchandise Sold Cost of Sold Sold Date Apr. 1 Cost Unit Cost Total Cost Inventory Quantity Cost Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method? Q O Q Q 000 00000 000 4500000 000 Inventory Inventory Unit Total Cost