Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 108 units @ $21 8 Sale 86 units 15 Purchase 120 units @ $23 27 Sale 101 units 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 on Oct. 31. a. Cost of goods sold on Oct. 27 $fill in the blank 1 b. Inventory on Oct. 31 $fill in the blank 2