Beginning inventory, purchases, and sales for Item 38-HX are as follows: 80 units @ $23 Jan. 1 8 Inventory Sale 64 units 89 units $26 15 Purchase 27 Sale 75 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan, 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31