Perpetual inventory using Lifo Beginning ieventory, purchases, and sales for ttem sa-to are as follows: Assuming a perpetual inventery system and uing the last-in, fint-out (1.ifo) methed, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of poods sold on July 27 b. Inventory on July 31