Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 71 units @ $60 10 Sale 15 20 Sale 24 Sale 46 units Purchase 32 units @ $63 33 units 14 units Purchase 31 units $67 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 30 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 Quantity Cost of Cost of Cost of Quantity Purchases Purchases Date Merchandise Merchandise Sold Merchandise Sold Inventory Inventory Inventory Purchased Unit Cost Sold Quantity Total Cost Unit Cost Total Cost Total Cost Unit Cost Apr 1 Next) Quantity Purchased Date Portable DVD Players Quantity Cost of Cost of Merchandise Merchandise Sold Sold Unit Cost Purchases Purchases Unit Cost Total Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 , 10 o Apr. 15 o Apr 20 110 Apr. 24 Apr: 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last stout methods