Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88HX are as follows: Jan. 1 Inventory 90 units $25 8 Sale 72 units 15 Purchase 100 units $28 27 Sale 84 units Assuming a perpetual Inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31