Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 8 Sale 90 units at $54 75 units 125 units at $60 80 units 15 Purchase 27 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on a. Cost of goods sold on July 27 b. Inventory on July 31