Perpetual Inventory Using FIFO Beginning inventory purchases, and sales data for portable game players are as follows Apr. 1 Inventory 37 units $72 10 Sa 31 hits 15 Purchase 19 units 575 20 Sale 11 units 24 Sale 10 units 30 Purchase 36 units 178 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 presenting the data in the form iustrated in 3. under FIFO,Funits are in interm couts, 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 Cost of Cost of Merchandise Merchandise Sold Sold Inventory Unit Cost Total Cost Quantity Inventory Inventory Total Coat Cost Quantity Purchased Date Apr 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 Total Cost Date Inventory Inventory Inventory Unit Total Quantity Cost Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 8 5 11 m. II II Apr. 24 Apr. 30 o 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