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Perpetual Inventory Using LIFO 8 Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 86 units $34 Sale 69 units 15 Purchase 95 units $38 27 Sale 80 units Assuming a perpetual inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. . Cost of goods sold on July 27 b. Inventory on July 31 Footback Check My Wor a. When the LIFO method is used the cost of the units sold is the cost of the most recent purchases. Think of your inventory in terms of Mayors Determine how much inventory romans from each layer after each sale - b. The ending inventory is made up of the oldest purchases Net