11. Purchases Cost of Merchandise Sold Inventory Unit Date Quantity Cost Total Cost Total Total Quantity Unit Cost Cost Quantity Unit Cost Cost Total cost of merchandise sold Ending inventory cost, EX 7-11. Perpetual Inventory Using LIFO OBJ. 3. . Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4