Using FIFO, the cost of goods sold for the sale of 23 units on July 31 and the inventory balance at July 31 is. Using LIFO, the cost of goods sold for the sale of 23 units on July 31 and the inventory balance at July 31 are. Using weighted average, the cost of goods sold for the sale of 23 units on July 31 and the inventory balance at July 31 are