e During July, the following purchases and sales were made by Pharoah Company. There was no beginning inventory. Pharoah Company uses a perpetual inventory system. Purchases Sales July 3 50 units @$8 60 July 13 units 11 50 units @ $9 22 20 25 units @ $11 222 25 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 0 $530 $275 $550 $200 $540 $275 $660 $225