Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63 20...

Extracted text: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63 20 Sale 14 units 24 Sale 6 units 30 Purchase 32 units @ $66 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. 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 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 Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.


Extracted text: Perpetual Inventory Account First-in, First-out Method Portable Game Players Cost of Quantity Cost of Cost of Merchandise Merchandise Purchases Purchases Inventory Inventory Total Merchandise Sold Sold Quantity Unit Total Inventory Unit Sold Unit Cost Total Cost Date Purchased Cost Cost Quantity Cost Cost Apr. 1 Apr. 10 Apr. 15 Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances b. Based upon the preceding data, would you expect the ending inventory to be higher or lower using the last-in, first-out method?