inventory using LIFO Beginning inventory, purchases, and sales for Item $88-$HHX are as follows: July $1$ Inventory $86$ units $$21$ July $8$ Sale $69$ units July $15$ Purchase $95$ units $$24$ July $27$ Sale $80$ units Assuming a perpetual inventery 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 $31$