Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 86 units @ $16 8 Sale 69 units 15 Purchase 95 units @ $20 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 $fill in the blank 1 b. Inventory on Oct. 31