Perpetual Inventory Using LIFO 8 15 Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 86 units @ $17 Sale 69 units Purchase 95 units @ $20 27 Sale 80 units Assuming a perpetual inventory 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