EX 7-11 Perpetual inventory using LIFO Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Deter- mine 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. OBJ.3 vTotal Cost of Merchandise Sold $158,000 EX 7-11 Perpetual inventory using LIFO Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Deter- mine 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. OBJ.3 vTotal Cost of Merchandise Sold $158,000