Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 76 units @ $70 Sale 64 units Purchase 40 units @ $73 Sale 17 units Sale 16 units Purchase 31 units @ $76 The business maintains a perpetual inventory system, costing by the first-in, first-out method. 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 a. 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 DVD Players Cost of Quantity Date Purchases Purchases Quantity Cost of Cost of Merchandise Inventory Inventory Inventory e purchased Merchandise Sold Unit Cost Total Cost Merchandise Sold Sold Total Cost Unit Cost Quantity Unit Cost Total Cost Apr. Apr. 15 Apr. 20 Apr. 24 Apr. Apr. 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method