v2.cengagenow.com Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item FK7 are as follows: Sept. 1 Inventory 10 Sale 18 Purchase 27 Sale 115 units at $255 100 units 110 units at $260 105 units Assuming a perpetual inventory system and using the last- in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 b. Inventory on September 30