Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 41 units at $97 10 Sale 30 units 15 Purchase 24 units at $102 20 Sale 20 units 24 Sale 12 units 30 Purchase 40 units at $108 The business maintains a perpetual inventory system, costing by the first in, first-out method. a. Determine the cost of the goods 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 Goods Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Purchases Purchases Quantity Cost of Goods Cost of Goods Sold Inventory Inventory Inventory Date Purchased Unit Cost Total Cost Sold Sold Unit Cost Total Cost Quantity Unit Cost Total Cost Nov. 97 41 97 U ure ventry UMR Lost Column Cost of the Goods Sold Schedule First-In, First-out Method DVD Players Quantity Cost of Goods Cost of Goods Sold Inventory Sold Sold Unit Cost Total Cost Quantity Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Unit Cost Inventory Total Cost 41 97 Nov. 1 Nov. 10 Nov. 15 30 97 o II 97 24 102 2.445 11 97 24 102 Nov. 20 11 97 102 102 QUI ON 12 Nov. 24 102 102 Nov. 30 40 10N 4320 10 Nov. Balances 30 Accounting numerical b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method? Lower