Perpetual Inventory Using FIFO Beginning inventory purchases, and sales data for DVD players are as follows: November 1 Inventory 65 units at $77 45 units 10 Sale 15 Purchase 28 units at $82 25 units 20 Sale 24 Sale 17 units 30 Purchase 26 units at $87 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 Cost of Goods Cost of Goods Sold Sold Sold Unit Cost Total Cost Quantity Purchased Purchases Unit Cost Inventory Quantity Purchases Total Cost Date Inventory Unit Cost Inventory Total Cost Nov. 1 Nov 10 Nov. 15 U 10 10 000 000 Nov 20 111 III 101 QILID ODIO DIIDI Nov 24 Nov. 30 o Nov. 30 Balances o b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method