Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description Value July 1 Inventory 108 units @ $25 July 8 Sale 86 units July 15 Purchase 120 units @ $29 July 27 Sale 101 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31