Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 66 units @ $56 Sale 44 units Purchase 35 units @ $58 20 Sale 31 units 24 Sale 20 units 30 Purchase 2 5 units @ $61 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, pr a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cos Cost column. Cost of the Merchandise Sold: First-in, First-out Metho Portable DVD players Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Quantity Cost of Cost of Merchandise Cost of Merchandise Sold Merchandise Sold Sold Unit Cost Total Cost ate Quantity Purchases Total Cost Inventory Quantity Inventor Unit Cost spr. Por. 10 10 [ 35 2,030 8888 20 Olle Mor Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last in, forst-out method?