Prepetual Inventory Using FIFO

"takeAssignment/startAssignmentMain.do e eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 54 units at $51 10 Sale 38 units 15 Purchase 31 units at $54 20 Sale 22 units 24 Sale 15 units 30 Purchase 34 units at $57 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 Date Quantity Purchases Purchases Quantity Cost of Goods Cost of Goods Inventory Inventory Inventory Purchased Unit Cost Total Cost Sold Sold Unit Cost Sold Total Cost Quantity Unit Cost Total Cost Nov. 1 akeAssignment/startAssignmentMain.do Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Quantity Cost of Goods Cost of Goods Sold Sold Unit Cost Sold Total Cost Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Nov. 1 Nov. 10 Nov. 15 o Nov. 20 111 Nov. 24 Nov. 30 110 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