nmen Show Me How PerpetualI Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 80 units o $20 64 units 89 units $23 75 units Jul. 1 Inventory 8 Sale 15 Purchase 27 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jul. 27 and (b) the inventory on Jul. 31 a. Cost of goods sold on Jul. 27 b. Inventory on Jul. 31