Perpettal inventory using Lifo Beginning inventory, purchases, and sales for Item 88 - HX are as follows: Assuming a perpetual inventocy system and using the last-in, first-out (UFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventary on July 31 . a. Cost of goods sold on July 27 b. inventocy on July 31