Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 57 units @ $92 Sale 42 units 10 15 Purchase 20 Sale 32 units @ $96 21 units 24 Sale 20 units 30 Purchase 25 units @ $102 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 Cost of Merchandise Sold Purchases Purchases Unit Total Cost Cost Quantity Purchased Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Inventory Total Cost Quantity Inventory Inventory Unit Total Cost Cost Date Perpetual Inventory Account First-in, First-out Method Portable Game Players Quantity Cost of Cost of Cost of Merchandise Merchandise Merchandise Sold Sold Sold Unit Cost Total Cost Purchases Purchases Quantity Unit Total Purchased Cost Cost Date Inventory Quantity Inventory Inventory Unit Total Cost Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 o I 1 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