Perpetual Inventory Using LIFD Beginning inventory, purchases, and sales for Item 88- HX are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory an Oct. 31 . a. Cost of goods sold on Oct,27 b. Ifventory on Oct, 32