erpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory July 8 Sale 94 units @ $31 July 15 Purchase July 27 Sale 75 units 104 units @ $33 87 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 a. Cost of goods sold on July 27 b. Inventory on July 31