Record the sales using the perpetual inventory system?

3. Assume that three identical units of merchandise were purchased during October, as follows: Units Cost S 5 13 15 October 12 28 Purchase Purchase Purchase Total Assume one unit is sold on October 31 for $28: 1. Determine S33 cost of goods sold and gross profit, under the LIFO method. 2.Record the sales using the perpetual inventory system. October 31 S28 ANSWER Sales Cost of goods sold Gross profit Ending inventory S18