Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November eventory 42 units at 549 10 Sale 30 units 15 Purchase 23 units at 551 20 Sale 20 units 24 Sale 30 Purchase 25 units at 553 The business maintains a perpetual inventory system, costing by the first-in, first- out method. a. Determine the cost of the goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Unit Cost Total Cost 0 Date Now Nov, 10 Nov 15 39 Nov. 20 Nov 24 Nov. 30 25 13 Nov. 30 Balances Feedback Note that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method