Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Inventory Sale Purchase Sale Sale Purchase 72 units@ $74 60 units 30 units @ $78 21 units 13 units 23 units @ $82 10 15 20 30 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 3 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 te Quantity Purchases Purchases Quantity Cost of Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Quantity Unit Cost Total Cost Date Apr Apr Purchased Unit Cost Total Cost Merchandise Sold Sold Unit Cost Sold Total Cost 10 Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Purchased Unit Cost Total Cost Merchandise Sold Apr Quantity Purchases Purchases Quantity Cost of Cost of Merchandise Cost of Merchandise Inventory Inventory Inventory Sold Total Cost utty Unit Cost Total Cost Sold Unit Cost Apr. 10 Apr 15 Apr. 20 Apr. 24 Apr 30 Apr. Balances 30 b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method