Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 10 Sale 15 Purchase 20 24 Sale 30 Purchase 60 units at $45 47 units 35 units at $47 19 units 18 units 34 units at $49 Sale 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. Cast of the Gcods Sold Schedule First-in, First-out Method DVD Date Nov. 1 Nov. 10 Nov. 15 Quantity Purchased Purchases Unit Cost Purchases Tatal Cost Quantity Sold Cost of Goads Sold Unit Cost Cost of Goods Sold Total Cost Unit Cost Total Cost Nov. 20 Nov 24 Nov. 30 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