Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $33 8 Sale 66 units 15 Purchase 91 units @ $36 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) met 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 1,596 x b. Inventory on July 31 $ 619 Feedback Check My Work a. When the LIFO method is used, the cost of the units sold is the cost of the most recen "layers." Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the oldest purchases