eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jul. 1 Inventory 94 units @ $27 8 Sale 75 units 15 Purchase 104 units @ $31 27 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine a. Cost of goods sold on Jul. 27 b. Inventory on Jul. 31 2,621 X 513 X Feedback Check My Work a. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. Thin b. The ending inventory is made up of the oldest purchases. Learning Objective 3.