Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 58 units at $60 Inventory Sale 43 units 10 24 units at $63 Purchase 15 Sale 22 units 20 Sale 12 units 24 40 units at $67 Purchase 30 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 Cost of Goods Sold Total Cost Purchases Unit Purchases Total Cost Cost of Goods Sold Inventory Total Quantity Purchased Quantity Sold Inventory Inventory Unit Cost Date Cost Unit Cost Quantity Cost Nov. 1 Nov. 10 Nov. 15 Nov. 20 Nov 24 Nov. 30 Nov. 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