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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 95 units @ $19 8 77 units 15 107 units $21 27 Sale 90 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 22 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31 Inventory Sale Purchase