Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 52 units at $97 10 Sale 42 units 15 Purchase 23 units at $101 20 Sale 14 units 24 Sale 12 units 30 Purchase 38 units at $106 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 Purchases Quantity Purchases Cost of Goods Quantity Cost of Goods Sold Inventory Inventory Date Inventory Unit Cost Purchased Total Cost Sold Sold Unit Cost Total Cost Unit Cast Quantity Total Cost Nov. 1 Nov. JUIU Sireure First-In, First-out Method DVD Players Quantity Cost of Goods Cost of Goods Sold Sold Sold Unit Cost Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 NOV 10 Nov. 15 O Nov. 20 110 100 00010 0000 000000 101 Nov. 24 Nov. 30 10. O . Nov. 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