eBook Show Me How Perpetual Inventory Using LIFO Beginning Inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 100 units @ $21 8 Sale 80 units 15 Purchase 111 units @ $24 27 Sale. 93 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. 311