Perpetual Inventory Using FIFO

Perpetual Inventory Using FIFCo Beginning Inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1Inventory Sale Purchase Sale Sale Purchase 66 units $77 53 units 35 units $B1 22 units 11 units 36 units $B4 10 15 20 30 The business malntalns 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 Exhlblt 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 Date Quantity Purchased Apr. 1 Apr. 10 Apr. 1535 Purchases Unit Cost Purchases Total Cost Quantity Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Total Cost 3,082 ,081 2,835 Apr. 20 1,001 Apr. 24 Apr. 3036 3,024 Apr. 30 Balances b. Based upon the preceding data, would you expect the Inventory to be hlgher or lower using the last-In, first-out method