Final answer:
To calculate COGS using the LIFO method under the perpetual inventory system, specific inventory purchase and sale details are needed, which are not provided in the question. COGS is calculated by multiplying the most recent purchase price by the quantity sold, but without inventory data, the COGS cannot be accurately determined.
Step-by-step explanation:
To determine the cost of goods sold (COGS) for a transaction on October 8 using the perpetual inventory system and the LIFO method, we would need detailed inventory information such as the dates of purchase, the cost of items bought at each date, and the quantity sold on October 8. The LIFO (Last-In, First-Out) method assumes that the last items purchased are the first to be sold. The perpetual inventory system keeps continual track of inventory balances. Unfortunately, this question does not provide the necessary information to calculate the COGS. Typically, you would identify the most recent inventory added, use that cost to calculate the COGS by multiplying the number of items sold by the most recent purchase price. This calculation gives us the value of the inventory that has been sold.
For example, if the last purchase was 100 units at $5 each and you sold 20 units on October 8, then the COGS would be 20 units x $5 = $100.
Without the specific inventory data, the COGS cannot be accurately calculated. Therefore, additional information is required to complete this question's requirement.